Australia markets closed

ASX to shoot up, new restrictions, Bill Gates' prediction

CANBERRA, AUSTRALIA - MARCH 24: Australian Prime Minister Scott Morrison reveals new restrictions Australia-wide from midnight tomorrow to help prevent the spread of COVID-19. (Photo by Lukas Coch - Pool/Getty Images)

Good morning.

Here’s everything you need to know in Yahoo Finance’s Wednesday morning wrap:

ASX: In a continuation of the global stock market rollercoaster, the ASX is slated to open higher following Wall St’s 5 per cent bounce-back on hopes of a US $2 trillion stimulus package aimed at providing financial aid to Americans out of work and helping distressed industries.

The benchmark S&P/ASX200 finished up 4.17 per cent on Tuesday afternoon at 4,735.70 points in a rare day in the green for the local bourse.

Even tighter social distancing restrictions were announced overnight. Prime Minister Scott Morrison made the announcement at 10pm last night.

The stringent restrictions include a ban on leaving the country, and also announced more shops/activities that would have to shut down, including personal beauty therapies, amusement parks, play centres, shopping centre food courts, auction houses, galleries, swimming pools, libraries and more. But schools will still be allowed to remain open, despite calls to close them. Read more about the new restrictions here.

But the government also announced it was recruiting 5,000 people, just as it revealed that an estimated 1 million people would be left unemployed due to the fall-out of the pandemic.

  • Want a way to help those most vulnerable to Covid-19?

We’ve put together a comprehensive guide to get you started on how to lend a hand for those who need it most. From a little kindness, to donating blood and volunteering to socialise with elderly people experiencing homelessness, here’s how you can do some good during these fraught times.

The 2020 Tokyo Olympics have been pushed back to 2021 in a move that will disrupt the global sporting calendar, which has already been thrown into chaos by the coronavirus pandemic. Next year’s schedule is looking very busy indeed.

Bill Gates has a prediction about coronavirus – and it’s pretty optimistic. Lucy Dean reports on what we hope is good news.

What’s happening on a state level? Victorian Police is now allowed to check that citizens are following self-isolation rules, and NSW last night passed legislation granting similar to police as the state gears up for a major virus outbreak. Meanwhile, Queensland is set to close its borders, but it also gets more fever clinics and doctors.

There could be new rules for landlords and tenants designed to cushion the blow for those who have lost jobs and are unable to pay rent – but these discussions have been pushed back to this evening.

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