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ASX to drop; 880,000 jobs at risk over climate change by 2070

Jessica Yun
·2-min read
A young male koala named 'Jan' is seen in a outdoor koala pen at Port Macquarie Koala Hospital on September 14, 2020, in Port Macquarie, Australia.
Climate change is compounding the severity and impact of other threats, such as drought and bushfire, which is drastically impacting koala populations by affecting the quality of their food and habitat. (Photo by Lisa Maree Williams/Getty Images)

Good morning.

Here’s Yahoo Finance’s Monday morning wrap:

ASX: The Australian share market is set to drop at the open today after the US stock market wrapped up its worst week since the March sell-off.

What happened on Wall Street? Investors were anxious over the upcoming US election; American hospitals buckled under 9 million cases of coronavirus; and the possibility of even more restrictions in Europe put economic recovery under question. Highly priced tech heavyweights like Apple and Amazon drove the losses.

We’re expecting the Reserve Bank to cut to 0.1 per cent this Tuesday. Before that happens, we’ll see a lot of economic data released today; CoreLogic’s monthly home values index, ANZ job ads, ABS’ lending and building approvals; and the Australian Industry Group’s manufacturing index. None of this is expected to deter the RBA.

Australia would lose 880,000 jobs and GDP would be 6 per cent smaller if we don’t do anything about climate change in the next 50 years, according to a new report from Deloitte Access Economics. That’s $3.4 trillion dollars.

“Australians need policy and regulatory reform that modernises our economy and unleashes business investment,” said Deloitte Australia chief economist Chris Richardson.

“The benefits of acting are huge. But we are fast running out of opportunity.”

Can you sort out your finances in just eight weeks? Melissa Browne, entrepreneur, author and former accountant and financial adviser, definitely thinks so. Here’s her guide on what you should focus on from week one through to eight.

Christmas is just around the corner, but many of us have trouble switching off during the holidays. Here are six genius hacks to side-step stress and burnout come the silly season.

All eyes on the US Presidential Election

The two presidential candidates, Donald Trump and Joe Biden, have very different approaches to handling the Covid-19 pandemic.

Trump is warning Biden could implement shutdowns and damage the economy, while Biden is runing much of his campaign on a message of actively getting the virus under control. Here’s more on that.

Which leader do Aussies want? Just more than half would prefer one over the other. Here’s what survey results from thinktank the Australian Institute reveals.

–with AAP.

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