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ASX to lift; JobMaker passes Parliament

Jessica Yun
·2-min read
MELBOURNE, AUSTRALIA - NOVEMBER 06: Pedestrians are seen walking along the Flinders Street Station underpass on November 06, 2020 in Melbourne, Australia. Lockdown restrictions in Melbourne were lifted on 28 October, with people now able to leave their homes for any reason. Cafes, restaurants, pubs and bars can reopen subject to patron limits while beauty services, tattoo parlours and any other service where you can wear a mask will be able to resume. Up to 10 people from any number of households will be able to gather outdoors, however, Victorians are still required to wear a face mask in public.  (Photo by Asanka Ratnayake/Getty Images)
The JobMaker scheme has passed parliament. (Photo by Asanka Ratnayake/Getty Images)

Good morning.

Here’s Yahoo Finance’s Thursday morning wrap:

ASX: The Australian share market is set to a positive start to Thursday after tech stocks on Wall Street rose overnight.

Wall Street: The Nasdaq in particular outperformed on Wednesday as tech stocks made up some of their declines from earlier this week.

At the close of trade, the Nasdaq was up 2.01 per cent to 11,786.43 points. Meanwhile, the S&P 500 was up 0.77 per cent to 3,572.66 points and the Dow closed slightly in the red, down 23.29 points or 0.079 per cent to 29,397.63.

For live updates on the US stock market, read this from Yahoo Finance US reporter Emily McCormick.

JobMaker has passed Parliament. That’s in part thanks to Pauline Hanson, who backflipped on her initial resistant stance to the bill because it did not have added protections for older workers.

The safeguards would have disqualified employers found to have sacked a worker in order to get the payment. But Treasurer Josh Frydenberg presented the minor party with unemloyment data for young Aussies under 35, and changed her mind. More here.

The ASIC expenses saga continues. The corporate watchdog spent $1.5 million throughout the last two years on consultants to provide coaching and organisational psychologists for senior regulators. The AFR has the story.

Tasmania’s budget isn’t looking good. Today, the Premier and Treasurer will hand down Tasmania’s 2020-21 budget and it will show the state more than $1 billion in the red. Read more here.

How do we fix Australia’s relationship with China? Australian National University's East Asian Bureau of Economic Research and China's Centre for International Economic Exchanges have released a joint report on this very question, and they say there’s plenty of opportunities to rebuild trust.

“The challenge is to rebuild trust between Australia and China, and in the management of the bilateral relationship. That should be guided by the many shared interests that both countries have in regional and global affairs,” the paper states.

“A circuit breaker is sensibly the joint pursuit of regional and global efforts to address the health and economic effects of the COVID-19 pandemic.”

China has the world’s biggest sales event, spanning 11 days and named ‘Singles Day’. And Alibaba sales for the shopping extravaganza hit a stunning $102 billion.

We haven’t got a Covid-19 vaccine yet. But when we do, these are the Aussies who will get the vaccine first. The first jabs are expected in March.

Have a great day.

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