Here’s Yahoo Finance’s Wednesday morning wrap:
ASX: The Australian share market is looking at a weak start to the day after Wall Street yielded mixed results overnight.
Wall Street: Both the S&P 500 and the Nasdaq hit all-time highs, though the Dow ended its session lower.
We know the pandemic is Australia’s first recession in about 30 years, and the worst one since the Great Depression. Some economic data, to be revealed over the next few days, will show the extent of the damage. Economists are expecting the June quarter decline to be somewhere between 6-7%. Here are the other figures we’re expecting.
Victorian Premier Dan Andrews is requesting a 12-month extension on the state’s emergency powers, but the business community isn’t happy about that at all.
“Extending [Victoria's] emergency powers for 12 months would be an admission of failure,” said the Australian Industry Group CEO Innes Willox as reported in AFR.
“We’d be seeing tumbleweeds down Collins St before the year was out. Any longer than a few months and the shutters will be drawn permanently on many businesses.”
On Napoleon and champagne: Australian banking and finance worker Kyla Kirkpatrick picked up an article on Bonaparte, war, theology and wine.
When she put it down, she too decided to embark on a quest for world domination. Now, Kirkpatrick’s business Emperor Champagne is considered the leading champagne e-commerce retailer in Australia. Yahoo Finance reporter Lucy Dean has the story.
Qantas’ woes are far from over. The airline is now facing calls from the Transport Workers Union to repay millions of dollars of taxpayer-funded subsidies as it slashes another 2,400 jobs. Here’s more on that.
More help is on its way. The defence sector will get an extra $1 billion to add more reserve days to those in the Australian Defence Force’s Active Reserve.
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