ASX to slide; 400,000 Aussies score a share of $588 million
Good morning.
Here’s Yahoo Finance’s Monday morning wrap.
The ASX is set for a rough ride this week, with the SPI200 Futures Index down 63 points to 5,823, indicating a tough start for the share market on Monday.
It comes as US stocks fell over the weekend, after technology shares sold off for a third day in a row. Apple, Microsoft, Alphabet and Amazon were among the biggest drags on the S&P 500 and the Nasdaq.
The Dow Jones Industrial Average fell 244.56 points, or 0.88 per cent, to 27,657.42, the S&P 500 lost 37.54 points, or 1.12 per cent, to 3,319.47 and the Nasdaq Composite dropped 117.00 points, or 1.07 per cent, to 10,793.28.
RBA to speak: The Reserve Bank deputy governor Guy Debelle will give a speech on Tuesday on the economy and monetary policy, after the unemployment rate surprisingly fell last week.
There has been speculation the central bank could trim the already record low cash rate of just 0.25 per cent.
$588 million uncovered: Nearly 400,000 Australians will be sharing a slice of $588 million in unpaid or underpaid superannuation as a result of the Australian Taxation Office’s superannuation payments amnesty for employers.
"The superannuation amnesty prompted honest businesses to take a look back through their records and check they'd done the right thing by their employees,” assistant minister for Superannuation Jane Hume told the Daily Telegraph.
Housing demand: Covid-19 could cut demand for housing in Australia by up to 232,000 dwellings over the next three years, with the pandemic triggering a decline in population growth.
This is the result of international border closures that have effectively shut down net overseas migration, which has accounted for 59 per cent of population growth since 2007.
Trump signs: Software giant Oracle’s agreement to take a stake in TikTok has finally been approved by US President Donald Trump.
The proposal will give Oracle and other investors a minority ownership of a new company called TikTok Global, but still needs approval from regulators in China.
Here’s what we know about the deal.
Have a great day.
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