Australia Markets closed

Yahoo Finance morning wrap for Monday

Left: Prime Minister Scott Morrison; Right: The Statue of Liberty in New York, the city where most billionaires choose to live. (Photos: AAP/Getty)

Good morning.

Here’s everything you need to know this morning in Australia and beyond to kick-start your week:

Markets: The ASX is expected to open flat today. Australia's outperforming share market may flatten out this week as the rest of the world catches up.

Despite a shaky end to the week, the ASX still closed up 1.42 points on Friday, while the US and European markets saw the squaring up of portfolios in anticipation for upcoming holidays on Monday.

The Aussie dollar is buying 69.32 US cents from 68.92 US cents on Friday.

On Wall Street on Friday, the Dow Jones Industrial Average was up 0.37 per cent, the S&P 500 was up 0.14 per cent and the tech-heavy Nasdaq Composite was up 0.11 per cent.

Rays of hope are peeking out as Australia’s crumbling property market looks set to stabilise over coming months as hopes of interest rate cuts and loosening of mortgage rules have boosted buyer inquiries, according to property and mortgage brokers.

Big banks in strife: legal firm Maurice Blackburn will commence a class acton against UBS, Barclays, Citibank, JPMorgan and Royal Bank of Scotland subsidiary NatWest that will allege they engaged in cartel behaviour involving foreign exchange rates, according to a Fairfax report.

Prime Minister Scott Morrison is putting his new cabinet (full of familiar faces) straight to work on making it easier for Aussies to access government services.

"This will include congestion busting on regulatory and bureaucratic roadblocks, making better use of technology and better integrating service delivery across portfolios,” he said on Sunday.

ICYMI: Treasurer Josh Frydenberg has revealed he’ll review retirement incomes for Australians, including superannuation, pension and taxation following the Productivity Commission’s recommendation that the whole system be reviewed.

And from Wednesday, you’ll be able to buy entire cases of wine from Aldi for $12.99. Really. And it’s nothing to turn your nose up at: note that some Aldi wines have been awarded prizes in the past.

Around the world

The US-China trade war has been described as “the most important geopolitical conflict of our time” by economists from the Bank of America-Merrill Lynch. Is the trade spat rooted in economics, or something more ominous and long-lasting?

The race is on: British MPs battle it out for the title of Britain’s next Prime Minister. Here are some of the candidates in the race to succeed Theresa May.

Where do the world’s richest prefer to live? Here are the 15 cities where the most billionaires reside.

Have a great day.

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