Australia Markets closed

Yahoo Finance's morning wrap for Thursday

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Good morning.

Markets: The Australian market is expected to open lower this morning after Wall St saw mixed fortunes overnight. The Dow Jones Industrial ended down 0.09 per cent, while the S&P500 was up 0.08 per cent and the NASDAQ was also up 0.38 per cent.

The SPI200 futures were down 0.17 per cent at 7am AEST, suggesting the ASX would start a little bit down today.

Aussie dollar: The Australian dollar is buying 67.63 US cents at 7:50am AEST, slightly up from 67.11 US cents yesterday. The local currency hit a 10-year low yesterday after traders bet on a Reserve Bank rate cut to follow New Zealand’s shock 50 basis point reduction yesterday.

A depressed market is not all bad news. Did you watch the Hollywood film The Big Short? There are people in real life who make money when stock markets plunge, like it did earlier this week. This is how you can do it – make money when others lose.

Australia's largest bank took a hit after the Royal Commission. Commonwealth Bank announced compensation and other costs arising out of the commission cost it $1.2 billion, as its full year profit dropped. CBA chief Matt Comyn warned shareholders things could get worse if the Reserve Bank drops interest rates further.

Saving money is painful for many Australians. But those annoying tips you get actually do work – and you need to employ them to get over the psychological barriers that stop you from saving.

Did you know one gram of cocaine costs $600 in Australia? But despite the cost, 10 per cent of Australians have still tried it. No wonder people can't save money.

Have a great day!

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