Rocky start for Aussie stocks, disaster relief payments granted

Monday morning wrap. Source: Getty (robynmac via Getty Images)

Good morning.

Here's everything you need to know in finance markets for Monday.

ASX: The ASX is set to start the week in the red with futures pointing to a drop of 15 points, or 0.2 per cent, at the open.

Wall Street: US stocks climbed higher on Friday lifted by Facebook and energy shares as US Treasury yields took a break from a recent surge. Reversing a recent trend, so-called growth stocks mostly outperformed value stocks viewed as likely to benefit most as the economy recovers from the coronavirus pandemic.

Disaster payments: Residents who have suffered home damage or serious injuries in devastating floods sweeping across NSW are being granted immediate access to disaster relief payments. Prime Minister Scott Morrison on Sunday announced the activation of the Australian Government Disaster Recovery Payment and Disaster Recovery Allowance for 18 NSW local government areas.

Jobmaker: Treasurer Josh Frydenberg will make changes to the JobMaker hiring credit scheme after corporate leaders shunned the $4 billion program.The scheme has delivered just 521 jobs in its first six weeks.

Treasury outlook: Senators will get an update on the economic outlook when Treasury officials face the gruelling estimates hearings this week in Canberra. Each government department goes under the spotlight at these hearings to justify government spending and budget programs and any developments in their broader responsibilities.

Bitcoin: Bitcoin's ascent to record highs came to a halt on Sunday as the cryptocurrency's price fell more than 6% to $56,306. It made several attempts to soar past the all-time high price, peaking at $59,400 on Saturday. It comes after, the cryptocurrency climbed more than 5% last week , according to Coindesk, continuing a stellar rally this year. The move passed the previous all-time record set on 21 February.

Have a great day.

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