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ASX to open flat; and 4 lessons to learn from Trump

Jessica Yun
·3-min read
WASHINGTON, DC - NOVEMBER 13: President Donald J. Trump speaks about "Operation Warp Speed" in the Rose Garden at the White House on Friday, Nov 13, 2020 in Washington, DC. (Photo by Jabin Botsford/The Washington Post via Getty Images)
President Donald J. Trump speaks in the Rose Garden at the White House on Friday, Nov 13, 2020 in Washington, DC. (Photo by Jabin Botsford/The Washington Post via Getty Images)

Good morning.

Here’s Yahoo Finance’s Friday morning wrap:

ASX: The Australian share market is poised to start flat this morning after Wall Street managed to shake off earlier losses to push into positive territory.

Wall Street: Investors weighed rising Covid-19 cases in the US and increased restrictions against hopes for an effective vaccine. The S&P 500 closed up 0.39 per cent; the Nasdaq pushed up to 0.87 per cent; and the Dow Jones gained just 0.15 per cent.

A major review about the retirement income system has been released. In a sigh of relief, some of its key findings are that it’s effective; sound; its cost is broadly sustainable; and no changes are needed. Without it, Australians wouldn’t save enough for retirement.

71 per cent of people aged 65 and over receive the age pension or other pension payments, with 60 per cent of these receiving the maximum rate. Read about the review’s key findings.

But: The higher superannuation guarantee comes at the cost of lower wage growth.

“If the superannuation guarantee stayed at 9.5 per cent rather than increasing to 12 per cent, they would also have higher incomes during their working life,” the report states. This is sure to make a mark on the ongoing debate between those who advocate for a higher SG increase and those who don’t. More on this here.

Will you do your Christmas shopping online this year? Cyber safety platform McAfee research reveals that hile 49 per cent of Aussies feel there’s a greater cyber risk this holiday season due to Covid-19, more than half don’t think they’re susceptible to it. Here’s what you need to know.

Whether you like him or not, incumbent US President Donald Trump managed to get 73 million Americans to vote for him despite being a chronic liar, being impeached by the House of Representatives, and being supportive of white supremacists.

Yahoo Finance US senior columnist Rick Newman distills the four lessons Trump can teach us.

SA unions are calling for pandemic leave payments for casuals and other workers affected by the statewide lockdown.

“It's fine for governments to act swiftly to protect community health but they must also act quickly to ensure precariously employed workers are not disproportionately hurt in the process,” said SA Unions Secretory Angas Story.

“A wider payment of pandemic leave will help the economy before Christmas and ensure low paid workers are not pushed into further debt stress.”

While the world melts around our ears, youth around the world are going ahead with an online climate summit. 2020’s United Nations Climate Change Conference, aka COP26, was meant to be held in Glasgow this month but it was postponed to next year.

However, more than 350 youth delegates from over 140 countries will take part in a virtual 'mock COP26' anyway.

Australia's statement to the event will focus on last summer's bushfire season and the climate impacts on coral reefs.

–with AAP

Want to make next year your best yet? Join us for an Hour of Power at 10am AEDT Tuesday 24 November to discover 21 ways to make your money work for you in 2021.

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