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Australian stocks set to rise; Virus worse than GFC - Yahoo Finance's morning wrap

ASX to rise; Qantas CEO says 'virus worse than GFC'. Source: Getty

Good morning.

Here’s everything you need to know in finance today.

Markets: The ASX is expected to rise, after oil prices jumped and central banks moved to ease liquidity concerns.

One Aussie dollar was buying 57.52 US cents at 0700 AEDT on Friday down from 56.89 US cents

RBA cuts: The Reserve Bank of Australia cut the official cash rate to 0.25 per cent in an out-of-cycle move on Thursday.

Banks announce coronavirus plan: The big four banks will unveil their economic stimulus measures today, as the federal government plots its second package in response to the coronavirus outbreak.

Commonwealth Bank makes call: So far, the only big four to announce a response to the RBA is CBA, who revealed it wouldn’t change its variable rates, but rather implement other measures.

Qantas CEO says virus is worse than GFC: Alan Joyce defended his decision to stand down 20,000 Qantas staff amid the coronavirus pandemic, saying the crisis is the worst the “aviation industry has gone through”.

“I know for the economy it's probably going to be a lot worse than the GFC.”

Energy ministers discuss virus plan: Federal Energy Minister Angus Taylor is set to host a teleconference with his state counterparts today to determine how to help households and small businesses experiencing financial stress due to the virus.

‘This broke me’: The government flagged its second stimulus would include a transitional income support for those who lose their jobs due to the coronavirus pandemic -  set at a higher rate than what welfare recipients are currently offered.

Want to earn cash while self-isolating? Being stuck at home could be the perfect time to reassess your finances, sell some unwanted items - and earn $7,000. Here are Nicole Pedersen-McKinnon’s five tips to earning cash while stuck in self-isolation.

Lessons on working from home: If this is your first real stint working from home, you may be finding it a little tough. Yahoo Finance revealed seven helpful tips we’ve learnt in our first week working from home.

Have a great day.

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