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Global stocks surge, Australia set to open flat

ASX poised to open flat; airlines receive refunds; and more. Source: Getty

Good morning.

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

Markets: The ASX is set to open flat, despite a huge surge on Wall Street overnight due to US President Donald Trump’s economic stimulus plans.

Last night, the benchmark S&P/ASX200 finished 5.83 per cent higher reversing around half of the damage done during Monday’s disastrous trading session and marking the best day for the index since 1997.

Local investors are waiting to hear the government’s latest measures to ease economic pain from the coronavirus, and also to limit the spread of the virus, which are expected to be announced mid-morning today.

The Aussie dollar was buying 59.88 US cents at 0700 on Wednesday from 60.86 US cents as the market closed on Tuesday

Airlines relieved: Australia’s ailing airlines like Qantas and Rex can breathe a sigh of relief, after the government flagged they would receive $715 million worth of waived fees and charges as they battle the coronavirus outbreak.

The refunds will be backdated to 1 February, which should see an immediate $159 million back into their pockets.

Stores plead with shoppers: Supermarket chains Aldi, Coles, IGA and Woolworths have asked shoppers to “please be considerate” in their shopping habits in order to help the elderly and those with disabilities.

Help for the homeless: An extra $6 million will be given to Victorian homelessness agencies with extra resources to find temporary housing for rough sleepers during the coronavirus crisis.

Recession is on its way: founder and CEO Fred Schebesta reveals whether or not a recession is on its way, you can still navigate uncertain times through good preparation. Here are his seven tips for recession-proofing your finances.

Uber Pool suspended: Uber Pool has been suspended in the US and Canada to stop the spread of Covid-19.

TikTok tried to ban ‘ugly’ users: Internal documents leaked online showed moderators from the video-sharing app – which boasts more users than Instagram – tried to employ algorithmic punishments for “unattractive and impoverished” users

Have a great day.

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