ASX set to dive; Govt seeks to pass JobKeeper

Anastasia Santoreneos
·2-min read
ASX set to dive; JobKeeper to pass parliament. Source: Getty
ASX set to dive; JobKeeper to pass parliament. Source: Getty

Good morning.

Here’s Yahoo Finance’s Wednesday morning wrap.

Markets: The ASX is expected to plunge at open, after Wall Street dipped on declining oil prices.

The benchmark ASX200 hit a high of 2.6 per cent yesterday, but closed down 0.65 per cent. At 7am AEST, it was down 0.99 per cent.

The Australian dollar was buying 61.68 US cents at 0700 AEST, down from 61.84 US cents at the close of markets on Tuesday.

In the US, stocks built early gains on Tuesday, however the major indices slipped as oil prices plunged in the late session.

Parliament sits on JobKeeper: The government’s $130 billion JobKeeper scheme is set to pass today during a special parliamentary sitting.

Whether the scheme will be extended to include more casuals remains to be seen.

Release the young people: Releasing young people aged between 20 and 30 years old who do not live at home with their parents could be the best route out of coronavirus lockdown in the UK, researchers have suggested.

This could help balance the health risks associated with the virus and help the economy avoid an “extraordinary recession,” experts say.

How to avoid financial stress: Ladies Finance Club founder and head money coach, Molly Benjamin and Betsy Westcott, have compiled a list of 14 ways to avoid financial stress during the coronavirus. Here they are.

Has the rent battle been solved? Struggling businesses with a turnover of less than $50 million will benefit from a mandatory code of practice revealed by Prime Minister Scott Morrison on Tuesday.

Here’s what the code will entail.

RBA holds steady: The Reserve Bank of Australia (RBA) has kept the official interest rate on hold at 0.25 per cent, while warning the country is in for a “very large” economic contraction.

Here’s what governor Philip Lowe said.

Have a great day.

Make your money work with Yahoo Finance’s daily newsletter. Sign up here and stay on top of the latest money, news and tech news.

Follow Yahoo Finance Australia on Facebook, Twitter, Instagram and LinkedIn.