Yahoo Finance Yahoo Finance Tuesday morning wrap
Good morning.
Here’s what you need to know this Tuesday morning to kick off your day:
ASX: Australian stocks are set to dive again after fears about the spread of the coronavirus sparked a major sell off on global markets overnight.
The SPI200 futures contract was down 138 points, or 1.99 per cent, at 6,791 at 0700 AEDT on Tuesday, pointing to big falls when the local market opens.
The Australian securities exchange suffered losses across the board on Monday, with $60 billion in value wiped out in its worst day in six months.
Fears about the extent of the spread of the coronavirus in South Korea, into Europe and numerous other countries, then drove a major fallout in markets overnight.
AUD: The Australian dollar was buying 65.99 US cents at 0700 AEDT on Tuesday, up from 65.97 US cents as the local share market closed on Monday.
Bad bosses asked to come forward: Employers that haven’t paid your employees’ superannuation in the past have been given a one-off chance to come clean about it without incurring the usual heavy fees. The Assistant Minister for Superannuation Jane Hume expects it will return $230 million back to workers. Read more about it here.
Jeanswest, Colette by Colette Hayman, Bardot, EB Games. What do all these names have in common? They’re brands that have recently folded. Why is Australia’s retail economy so weak?
The government will look at having a HECS-style funding option for TAFE students. NSW Premier Gladys Berejiklian on Tuesday announced the education review will be led by education expert David Gonski and former public servant Peter Shergold.
“We want students to think of TAFE the same way they think of university, as a leading institution for furthering their education and gaining the skills of the future,” Berejiklian said.
Wealth management company IOOF is facing a new class action from shareholders over alleged corporate misconduct within the company.
"IOOF shareholders have repeatedly seen the value of their shares wiped out by numerous alleged failures of IOOF's management over several years," Shine Lawyers' Craig Allsopp said in a statement.
Some NSW school cleaners have been offered a job – cleaning the Diamond Princess cruise ship in Japan, on which more than 630 people were infected by coronavirus, SMH reports. Here’s what the job offer said.
China’s number two diplomat in Australia appeared on Q&A last night. He was subject to some tough questions by the panellists and also defended footage of people suspected of having coronavirus being forcefully pushed into a van, and also described China’s detention camps mainly used to detain Uighurs as “training centres” where residents are “voluntary”. Read The Guardian’s recap here.
Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.
Follow Yahoo Finance Australia on Facebook, Twitter, Instagram and LinkedIn.
