ASX to rise as Victorian lockdown triggers 260,000 job losses

Good morning.

Here’s Yahoo Finance’s Tuesday morning wrap.

The ASX is expected to rise at the opening of trade, with the SPI200 Futures index 25 points higher to 5,949, indicating a good start for the Australian share market.

In the US, the markets were closed for the Labor Day holiday, but the Nasdaq futures fell 0.4 per cent.

World shares rose slightly led by European bourses, which have fewer tech stocks compared to the US. They started the week in the black, driven by a 2 per cent gain in Germany’s DAX and London’s FTSE 100.

260,000 jobs: Victoria’s “roadmap to recovery” will likely see nearly 300,000 more jobs lost by the end of the year, according to think tank, IPA.

This would add to the 432,000 jobs already estimated to have been lost in the state since Covid-19 restrictions came into play in March.

‘Worst leader since federation’: Jim’s Mowing chief executive and founder Jim Penman has called Victorian Premier Daniel Andrews the “worst political leader since federation”, in a scathing interview on the Today Show on Tuesday.

Penman said operators working for his franchises were not a threat to public health, but the Premier’s lockdown was.

Wealth gap widens: Recent data shows the gap between the haves and the have nots in Australia is growing, and it’s causing an interesting property trend, writes Michael Yardney.

Here’s what the widening wealth gap means for your home.

‘Right thing to do’: Australian Super’s chief investment officer, Mark Delaney, has joined the debate on the super guarantee increase, saying, “it’s the right thing to do”.

“People are going to live a very long time in retirement as they keep on ageing, and they’re going to need retirement savings well in excess of what 9 per cent will contribute.

$13,750 reason to get a loan: Interest rates have never been lower, meaning it’s a lot cheaper to service a loan now than it was a decade ago.

Here’s why independent economist Stephen Koukoulas thinks it’s a great time to borrow cash.

‘Deep regrets’: Japanese billionaire Yusaku Maezawa revealed he lost 4.4 billion yen (AU$57 million) by trading stocks amid volatile swings caused by Covid-19.

“With 4.4 billion yen, how many people could the money have been given out to and saved? There’s no end to this regret.”

Have a great day.

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