Yahoo Finance ASX to start lower as earnings season continues
Good morning.
Here’s Yahoo Finance’s Thursday morning wrap:
ASX: The Australian share market is set for a weak start to the day after Wall Street took a turn for the worst overnight, and all three major US bourses dropped.
Reporting season continues, with Qantas, Wesfarmers, Coca Cola, Domain, the ASX and others revealing their financial year earnings.
Wall Street: The S&P500, the Dow and Nasdaq all slipped by 0.2 per cent, 0.3 per cent and 0.5 per cent respectively. The three indices feel after cautious remarks from the US Federal Reserve’s July meeting that warned the improvement seen in the job market had likely slowed.
When will the Reserve Bank make its next move? According to independent economist Stephen Koukoulas, not for a few years yet. Here’s his diagnosis.
Meanwhile, the next time we’ll see any major economic announcement from the government will be the October budget, Westpac chief economist Bill Evans reckons.
There’s a Friday deadline looming for JobKeeper businesses. More Australians are now eligible for the scheme – but it means employers have to hand them a nomination notice by this Friday.
Apple has made history by becoming the first US company to have a stock market value of US $2 trillion ($2.76 trillion).
Former Prime Minister Kevin Rudd had a few pointy words about China in an opinion piece for the Washington Post. Here’s what he said. He’ll also be speaking at Yahoo Finance Australia’s second-ever All Markets Summit.
Labor is calling for the Morrison government to drop plans that would make it harder for people to get their welfare payments.
The government plans to double the liquid asset wait time to up to six months, meaning those applying for JobSeeker with more than $18,000 have to wait 26 weeks for a payment.
The Department of Foreign Affairs and Trade (DFAT) is expected to cut 50 jobs, as well as roles at seven Aussie diplomatic missions. More on that here.
–with AAP
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