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ASX to rise; Australia joins world's largest trade agreement

Jessica Yun
·3-min read
Vietnam's Prime Minister Nguyen Xuan Phuc is pictured on the screen (R) as he addresses his counterparts during the 4th Regional Comprehensive Economic Partnership (RCEP) Summit at the Association of Southeast Asian Nations (ASEAN) summit being held online in Hanoi on November 15, 2020. (Photo by Nhac NGUYEN / AFP) (Photo by NHAC NGUYEN/AFP via Getty Images)
Vietnam's Prime Minister Nguyen Xuan Phuc is pictured on the screen (R) as he addresses his counterparts during the 4th Regional Comprehensive Economic Partnership (RCEP) Summit at the Association of Southeast Asian Nations (ASEAN) summit being held online in Hanoi on November 15, 2020. (Photo by NHAC NGUYEN/AFP via Getty Images)

Good morning.

Here’s Yahoo Finance’s Monday morning wrap:

ASX: The Australian share market is expected to be off to a good start on Monday morning after Wall Street finished Friday up 1 per cent across the board.

Wall Street: The Dow, the S&P 500 and the Nasdaq rose by 1.37 per cent, 1.36 per cent and 1.02 per cent respectively, boosted by upbeat earnings reports and hopes for a successful Covid-19 vaccine.

There’ll be a few major economic updates this week. On Wednesday the wage price index for September will be released. It’s a key measure of wage growth used by the RBA and Treasury. On Thursday, we’ll see labour force figures for October, which will tell us how unemployment is going.

The Reserve Bank governor, deputy governor and assistant governor will be making various public appearances this week in an effort to further explain the rationale behind the RBA’s decisions. Here’s what they’re up to this week.

Australia has joined the world’s largest free trade agreement. It’s called RCEP, which stands for the Regional Comprehensive Economic Partnership, and has been eight years in the making. It’s made up of Australia, Japan, China, South Korea, New Zealand and the 10 members of ASEAN, and in total covers 30 per cent of the world’s population. India and the US are not part of the deal – but China is.

Vietnam's Prime Minister Nguyen Xuan Phuc and Minister of Industry and Trade Tran Tuan Anh (R) attend the signing ceremony for the Regional Comprehensive Economic Partnership (RCEP) trade pact at the ASEAN summit that is being held online in Hanoi on November 15, 2020. (Photo by Nhac NGUYEN / AFP) (Photo by NHAC NGUYEN/AFP via Getty Images)
Vietnam's Prime Minister Nguyen Xuan Phuc and Minister of Industry and Trade Tran Tuan Anh (R) attend the signing ceremony for the Regional Comprehensive Economic Partnership (RCEP) trade pact at the ASEAN summit that is being held online in Hanoi on November 15, 2020. (Photo by Nhac NGUYEN / AFP) (Photo by NHAC NGUYEN/AFP via Getty Images)

"There are difficulties at present and I am deeply concerned by the fact that in a number of areas Chinese regulatory actions have disrupted trade flow,” Trade Minister Simon Birmingham has said.

Labor reckons the new agreement won’t fix Australia’s issues with China, and business groups see the agreement as critical for Australia’s economic recovery.

What makes men and women different on money? Financy’s Bianca Hartge-Hazelman unpacks it, through a few strong quotes by State Street Global Advisers’ Active Quant chief investment officer Olivia Engel.

“You have to ask for what you want, and what you think you deserve,” Engel says.

“There is a such a tendency for women to wait and see … whereas men are more likely to ask for it up front.” More here.

Can you spot a scam text for what it is? This text has a two-letter dead giveaway that should make it easy. Here’s what it is from our reporter Lucy Dean.

What’s he up to now? Is this Tweet the outgoing US President Donald Trump’s first time acknowledging that Biden ‘won’, even though in the same Tweet accuses the election of being ‘rigged’?

Otherwise, though, Trump is still refusing to concede defeat, which is nothing new.

How much is a pigeon worth? This Belgian racing pigeon was sold for a stunning $2.6 million at a two-week auction on Sunday.

Have a great day.

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