ASX to open lower; Trump's social media war

ASX to open lower; Trump's social media war. Source: Getty

Good morning.

Here’s Yahoo Finance’s Friday morning wrap.

The ASX is expected to open lower amid rising US-China tensions, after finishing up 1.3 per cent on Thursday.

One Australian dollar was buying 66.36 US cents at 0705 AEST, up from 66.13 US cents at the close of trade on Thursday.

In the US, the S&P 500 had been climbing for much of the day, but investor sentiment soured when President Donald Trump said he would hold a news conference about China, and sign an executive order related to social media companies.

The S&P 500 ended the day down 6.40, or 0.2 per cent, at 3,029.73. The Dow Jones Industrial Average swung from a gain of 210 points to a loss of 147.63 by the close of trading, down 0.6 per cent to 25,400.64. The Nasdaq composite fell 43.37, or 0.5 per cent, to 9,368.99.

Trump’s social media war: The US President signed an executive order on Thursday to scrap or weaken law that has long protected internet companies like Twitter and Facebook, after Twitter prompted readers to fact-check his tweets about unsubstantiated claims of fraud in mail-in voting.

Jobs of the future: As 3.3 million Australians rethink their career path, there are some sectors that offer more possibilities than others, a new report has revealed. Think tele-storytellers, agricultural technologists and sustainability consultants.

Renault cuts staff: The major car manufacturer is set to unveil a plan to eliminate 15,000 jobs worldwide over three years, as part of cost reductions aimed at outlasting the downturn in the auto industry.

What bailout? A month after receiving a $25 billion industry bailout, major US airlines are still cutting staff hours, and encouraging employees to take voluntary leave or early retirement.

Alan Jones signs off: Radio host Alan Jones has begun his final breakfast program ahead of his retirement from the airwaves after 35 years. Jones, 79, will call time on his 2GB radio slot at noon on Friday.

Have a great weekend!

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