Yahoo Finance Yahoo Finance morning wrap for Monday
Good morning.
Here’s what you need to know in Australia and beyond to kick-start your week:
The ASX is expected to open higher after Wall Street stocks gained at the end of last week.
The SPI200 futures contract was up 31 points, or 0.49 per cent, at 6,350.0 at 0700 AEST, suggesting a positive start for the benchmark S&P/ASX200 on Monday.
On Wall Street on Friday, the Dow Jones Industrial Average finished up 0.75 per cent, the S&P 500 was up 0.96 per cent and the tech-heavy Nasdaq Composite was up 1.58 per cent to a record high close.
The Aussie dollar is buying 69.71 US cents from 69.95 US cents on Friday.
Speaking of cash, the Reserve Bank of Australia is due to convene for their monthly meeting on Tuesday to decide on the interest rate – but it’ll be a very close call as to whether they’ll cut the cash rate to a new record low as soon as tomorrow.
Is the US-China trade war over? Not quite. US President Donald Trump is upping the ante on China to shake hands on a long-sought trade deal by threatening to raise US tariffs on some Chinese goods from 10 per cent to 25 per cent.
And he did it in typical Trump fashion: through Twitter.
For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars....
— Donald J. Trump (@realDonaldTrump) May 5, 2019
....of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!
— Donald J. Trump (@realDonaldTrump) May 5, 2019
On the home front, it’s Day 26 of the federal election campaign. Both Prime Minister Scott Morrison and opposition leader Bill Shorten will be campaigning in Sydney. Here’s what they’re up to today.
As for Treasurer Josh Frydenberg and shadow treasurer Chris Bowen, they’ll be facing off at Canberra’s National Press Club later to debate about the economy. More on what they’ll likely be talking about here.
Workers in regional Queensland and Brisbane will rally for higher wages and a return of the penalty rates as the state marks its 128th Labour Day.
Job-hunting? Be sure to avoid these four most common resume lies, because you’ll get caught – here’s how. And how many of these eight must-have skills to include on your resume have you missed?
ICYMI: Over the weekend, the world’s greatest investor Warren Buffett gave his annual address to shareholders of his investment company Berkshire Hathaway. Yahoo Finance has the exclusive live-streaming rights.
Catch up on it HERE, or just find out what stock Buffett regrets missing more than Amazon.
Last Friday, IKEA’s first Home planning studio opened its doors. The 98 square metre space looks more like an office than a warehouse. Here’s a look inside.
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