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ASX to rise; JobSeekers told to look for work

Jessica Yun
·3-min read
CANBERRA, AUSTRALIA - SEPTEMBER 4: Australian Prime Minister Scott Morrison speaks during a media conference at Parliament House on September 4, 2020 in Canberra, Australia. State and Territory leaders met today for the National Cabinet Meeting to discuss alternatives for state border closures and caps on international arrivals in response to the COVID-19 pandemic. (Photo by David Gray/Getty Images)
Australian Prime Minister Scott Morrison speaks during a media conference at Parliament House on September 4, 2020 in Canberra, Australia. (Photo by David Gray/Getty Images)

Good morning.

Here’s your Yahoo Finance Friday morning wrap.

ASX: The Australian share market is set to lift at the open despite Wall Street closing lower as US tech stocks slid for two consecutive days.

The ASX futures were up 20 points, or 0.3 per cent, by 6:30am AEST.

Wall Street: Major tech names like Amazon and Apple fell from 2.3 per cent and 1.6 per cent overnight. Oklahoma-based CEO of Longbow Asset Management, Jake Dollarhide, says he believes investors are cashing in on the gains made in the last week of August.

These four property hotspots have been outlined as danger zones. What are they? Contributing editor Samantha Menzies has more on that here.

Job market data came out yesterday. Our resident independent economist Stephen Koukoulas has picked apart the figures: so here’s the good news, and the bad news.

JobSeekers told to look for work: From September 28, mutual obligations for welfare recipients are being ratcheted up again. If you’re on JobSeeker, you’ll have to look for two jobs a week from the end of September and you’ll be punished for not engaging with employment providers. More here.

More than 27,000 Aussies stranded overseas are waiting to return home. Prime Minister Scott Morrison is expected to meet with state and territory leaders this Friday to decide on whether to boost quarantine venues for returning Aussies.

Speaking of flying back and forth, in case you missed Yahoo Finance’s All Markets Summit yesterday, we had Virgin Australia CEO Paul Scurrah on. He spoke about leadership alongside Airbnb Australia country manager Susan Wheeldon and admitted to his greatest regret, as well as how much flight tickets would cost in the future.

But before that, we had former PM Kevin Rudd deliver a keynote during which he took aim at Scott Morrison and told him to “swallow his political pride”. He jumped into a panel with former NZ PM Helen Clark, who is also co-chair of the independent WHO inquiry into Covid-19, where Clark flagged when a vaccine might come (don’t get your hopes up).

We also had a chat with the leaders of Canva and TikTok Australia. The latter, general manager of TikTok Australia Brett Armstrong, shared with us a key quote that helps him power through during a recession.

Charities and community groups are facing a heavy burden: not only is demand for their services through the roof because of the pandemic, but they’re facing reduced funding, as well.

A survey by the UNSW Social Policy Research Centre found three-quarters of those working with migrant and multicultural communities, Indigenous people and in the areas of legal and social advocacy reported an increase in demand for services.

But at the same time, 31 per cent of organisations had frozen staff recruitment and 21 per cent had reduced staff hours, attributed to a loss of investment income, lower donations, less money from commercial operations, and a loss of grants.

–with AAP

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