Australia markets open in 5 hours 5 minutes

China ignores Australia; Gen Z's first recession

Here's Yahoo Finance's Monday morning wrap. Source: Getty

Good morning.

Here’s Yahoo Finance’s Monday morning wrap.

The ASX is closed today as the nation celebrates the Queen’s birthday long weekend.

In the US, Wall St surged after a surprisingly upbeat May jobs report revealed the nation could be headed for a quicker-than-expected economic recovery.

All three major US stock indexes advanced 2.0 per cent or more on the news that unemployment actually went down, after hitting a record high in the prior month.

"The numbers are a huge surprise to the upside," said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.

Emerging markets have enjoyed a trillion-dollar week as the USD took a bearish turn.

“The flush dollar-liquidity conditions should drive financial market flows away from the U.S. and back towards emerging and other markets,” said Eddie Cheung, an emerging-markets strategist at Credit Agricole SA in Hong Kong.

Can’t get a hold of China: Trade Minister Simon Birmingham is still waiting to speak to his Chinese counterpart about a beef and barley dispute, more than four weeks after requesting a meeting, he told the ABC.

"It's unfortunate when other nations won't respond or reciprocate in kind,” he said.

Gen Z’s first recession: It’s the first time many Gen Z-ers will be experiencing a recession that affects them in some capacity. Jack Bloomfield writes 5 ways to prepare for, and get through, a recession.

Covid-19 and women: Financy founder Bianca Hartge-Hazelman writes that a challenge is brewing particularly among Australian women, as many are at risk of facing greater financial insecurity because of job losses and the early superannuation release scheme.

What’s in the week ahead?

NAB will be unveiling its business confidence results on Tuesday, while Westpac will be revealing its consumer confidence insights on Wednesday.

On Thursday, Home Loans will unveil how many new loans were granted for owner-occupied homes over the month of April.

Have a great day.

Are you a millennial or Gen Z-er interested in joining a community where you can learn how to take control of your money? Join us at The Broke Millennials Club on Facebook!