Yahoo Finance Yahoo Finance morning wrap for Thursday
Good morning.
Here’s what you need to know today in finance and beyond.
Get ready for another turbulent day for stocks: The ASX is expected to open sharply lower after a major sell-off on Wall Street on Wednesday.
The SPI200 futures contract was down 131 points, or 2.00 per cent, at 6,404.0 at 0700 AEST, suggesting an early slump for the benchmark S&P/ASX200 on Thursday.
On Wall Street overnight, all three major US indexes closed down about three per cent, with the blue-chip Dow posting its biggest one-day point drop since October off the back of a major sign of an incoming recession.
Dow Jones Industrial Average finished down 3.05 per cent – its biggest one-day point drop since October – while the S&P 500 was down 2.93 per cent and the tech-heavy Nasdaq Composite was down 3.02 per cent.
The US Treasury yield curve temporarily inverted for the first time since June 2007 overnight – with two-year Treasury yields surpassing those of 10-year bonds – in a development that has often preceded recessions.
AUD: Today, the Aussie dollar is buying 67.47 US cents from 67.82 US cents on Wednesday.
Wages aren’t growing: Year-on-year wages growth has remained flat at 2.3 per cent for another quarter, firming up the Reserve Bank's view that job market slack continues to limit upward pressure on people's pay packets.
Public sector wages grew 0.8 per cent while private sector wages grew just 0.5 per cent.
Fees, fees and more fees: There’s a sneaky way that banks are ripping Aussies off $2.14 billion from their holidays. Here’s how a holiday is leaving you more out of pocket than you realise.
NBN brings home the bacon: The NBN has lifted full-year revenue 43 per cent to $2.83 billion, $200 million above guidance. Check out all the new numbers and figures here.
NBN Co says the number of customers on the network rose 37 per cent to 5.53 million over the 12 months to June 30 and average revenue per user grew to $46 from $44 a year earlier.
“It’s a financially strong business,” said NBN CEO Stephen Rue.
Will you own a house one day? Many young Australians are showing “blind optimism” to home ownership even in the wake of high property prices, higher costs of living, and stagnant wages, according to a report by the Australian Housing and Urban Research institute as reported by Domain.
Hong Kong situation: The United States is "deeply concerned" about Chinese paramilitary movement along the Hong Kong border, a US State Department spokeswoman has said.
Another US official said Beijing had stationed large numbers of paramilitary People's Armed Police "near and further out from Hong Kong", in response to weeks of street protests in the territory.
Shaping tomorrow: Major Australian financial and economic heavyweights will be speaking at Yahoo Finance’s All Markets Summit, which will be held on September 26 at the Shangri-La Sydney.
Former treasurer Peter Costello, Freelancer.com CEO Matt Barrie, the world’s most disruptive innovator Neal Cross, and tech unicorn Airwallex’ co-founder Lucy Liu are among the line-up.
OzHarvest founder Ronni Kahn will also be there, as well as Australian politician Clare O’Neil, Virgin Australia CEO Paul Scurrah, and Aussie economist Stephen Koukoulas.
Also joining them are future of work expert, Sean Gallagher; innovation psychologist Amantha Imber; thought leader Amanda Stevens; NAB executive Jon Davey; tech CEO Sally-Anne Williams; and MC Danielle Di Masi.
Join us for this groundbreaking event. More details here.
Have a nice day.
Join us for Yahoo Finance's All Markets Summit, with speakers coming from across Australia and around the world to share their knowledge and experience on the most critical issues facing Australia.