ASX etches best week since 2011
Good morning.
Here’s what happened this week:
ASX in the green: Australian share markets finished the shortened week in the green, with the S&P/ASX200 benchmark index finishing 3.46 per cent higher and the broader All Ordinaries soaring 3.43 per cent higher.
Yesterday’s strong finish took the ASX to a 6.3 per cent gain, building on last week’s 4.7 per cent gain and taking it to its best weekly close since December 2011.
Wall Street: And Wall Street has also closed out the week in the green after the US Federal Reserve announced another program to support the struggling American economy.
It was good news for Wall Street, where the benchmark S&P 500 index delivered its best weekly gain since 1974, with banks leading it to a 5.19 per cent gain on Thursday.
Stay home: While there are positive signs that Australia may be getting the virus under control, this long weekend is the major test as the government urges Australians who would otherwise have gone on holiday to just stay home.
And it’s employing some hefty fines to get Australians to comply. Here’s what they are, state by state.
Storm clouds: While markets thundered higher this week, the IMF chief Kristalina Georgieva is not as optimistic. She predicts the worst economic fallout since the 1930s Great Depression.
Twitter sparks conversation: Twitter CEO and billionaire Jack Dorsey this week pledged one-third of his net worth to fight coronavirus, with the funds later transitioning to support a universal basic income.
His actions have sparked a huge debate about the income scheme.
JobKeeper passes: The government’s $130 billion JobKeeper package made its passage through parliament on Wednesday, with 730,000 businesses already signed up to the subsidy program.
But concerns remain that there are millions of Australians left behind. These include visa holders, short-term casual workers and casual teachers.
Holes in childcare scheme: The government’s promise of free childcare, while well-received by parents, sent childcare centres to panic stations as holes in the funding plan became clear.
However, the NSW government on Thursday announced plans to patch up the holes, ensuring parents and childcare centres are protected from economic strife.
Jobs data: On the work front, there isn’t as much of a happy ending. A new chart shows just how much the coronavirus crisis has dented the local jobs market, with new job listings falling a staggering 65.3 per cent.
Silver linings: But clever businesses are continuing to find ways to generate an income and service their customers, like Melbourne Pub The Emerson. Here’s how they’re adapting to survive.
Skill-up: Yahoo Finance hosted its inaugural Breakfast Club: Live Online, where we answered your questions about how to start investing. Missed it? These were some of the tips shared.
Side hustle: And thinking of starting a new side hustle over the weekend but not sure what to do? We’ve broken down the best side hustle for your star sign.
Enjoy the long weekend and stay safe.
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