Yahoo Finance ASX tipped to start strong; IMF predicts 6.7% hit to Aus economy
Good morning.
Here’s Yahoo Finance’s Wednesday morning wrap to kick off your day:
ASX: The Australian share market is tipped to edge higher after a strong overnight session on Wall Street, where investors were buoyed by signs coronavirus lockdown measures could begin to ease.
The S&P/ASX200 benchmark index dipped 27 points in early trading after the Easter break but climbed steadily after the first hour to finish Tuesday up 100.8 points, or 1.87 per cent, to 5,488.1.
AUD: The Australian dollar was buying 64.42 US cents at 0700 AEST, up from 64.10 US cents at the close of markets on Tuesday.
The IMF has forecasted the global economy will fall 3 per cent in the “worst recession since the Great Depression”, while Australia’s economy will see a contraction of 6.7 per cent – more than double the global economy.
"It is very likely that this year the global economy will experience its worst recession since the Great Depression, surpassing that seen during the global financial crisis a decade ago," the IMF said in its report.
"The Great Lockdown, as one might call it, is projected to shrink global growth dramatically."
Australia expected to rebound 6.1 per cent in 2021. Here’s more on that and what Treasurer Josh Frydenberg has to say about it.
Are you across the difference between JobSeeker vs JobKeeper? How does it work, and who’s better off? H&R Block’s Mark Chapman has written a handy breakdown.
Kitchen side-hustle: People are wanting home-cooked meals delivered to their door more than ever – and one Aussie mum has taken advantage of this fact. She’s a home cook, and makes $3,000 a week from her kitchen. She shared her story with reporter Lucy Dean.
Donors in Vietnam have set up free rice ATMs across Hue, Hanoi and Ho Chi Minh City, to help those who have been significantly affected by the coronavirus. 2kg of free rice is poured from a large water tank between 8am and 5pm and will operate until the end of the month.
The government has relaunched a new website to help Aussies wanting to up-skill. The My Skills website relaunched on Wednesday to focus on online training courses.
People will be able to search what's available from registered training organisations and vocational education and training providers.
–with AAP.
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