Australia markets closed

'Climate emergency': Yahoo Finance Monday morning wrap

BROOKLYN, NY, UNITED STATES - 2020/02/29: Protesters holding a Climate Emergency banner. (Photo by Erik McGregor/LightRocket via Getty Images)

Good morning.

Here’s everything you need to know to kick off this week in Australia and beyond:

ASX: Australian stocks are poised to slide when the market opens as the coronavirus spreads. The news comes as US stocks fell for the seventh day straight.

The SPI200 futures contract was down 40 points, or 0.63 per cent, at 6,334 at 0700 AEDT on Monday, pointing to a moderate fall when the local market opens.

But IG market analyst Kyle Rodda says that doesn't taken into account new coronavirus news, nor the Chinese economic data, received over the weekend.

"Italy, Iran and South Korea reported another spike in coronavirus cases, with several countries announcing an expanding travel-black list," he said.

"And in what's probably the most impactful news from a markets perspective, China released its latest PMI surveys, with the data showing business activity in the Chinese economy fell to an all-time low last month."

Here’s what that looked like:

AUD: The Australian dollar was buying 64.66 US cents at 0700 AEDT on Monday, down from 65.22 US cents as the market closed on Friday.

Speaking of coronavirus, the US has ramped up mask production and will begin screening travellers for coronavirus. The first Australian and the first Australian has died from the disease, with the virus now spreading to over 60 countries.

With sharemarkets free-falling as coronavirus takes its toll on the economy, all eyes are on the RBA. The Reserve Board of Australia is convening again tomorrow for its monthly meeting and some experts are predicting it may cut to soften the blow. Here’s a look at Australia’s economic health.

When you think of airport lounges, you might think of businessmen sipping their champagne and waiting for their flight in style. But this millionaire reveals why he was rejected by a Qantas lounge.

What’s the difference between cheap and affordable property? A lot, it turns out. Here’s how to make the distinction, and why it matters.

How can we help people at risk of poverty at retirement? Think-tank the Grattan Institute reckons we should increase rental assistance. Here’s how it’d work, and why we should do this instead of the proposed increases to the superannuation guarantee.

The Greens are trying again to officially declare a ‘climate emergency’ in Australia. Greens leader Adam Bandt also wants to set up a ‘war cabinet’ to tackle the crisis.

“We are in a climate emergency. It's time for parliament to recognise the crisis and take urgent action,” Bandt said on Monday.

What’s the deal with HECS-HELP? Here’s your Yahoo Finance guide to understanding this Aussie loan scheme.

–with AAP

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