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ASX to rebound, AUD rises but Crypto plummets again

Finance market wrap for Tuesday morning. Source: Getty
Finance market wrap for Tuesday morning. Source: Getty (Dilok Klaisataporn via Getty Images)

 

Good morning.

Here's everything you need to know about finance markets for today.

ASX: The Australian share market looks set to rebound strongly from yesterday’s sell off thanks to a very positive start to the week on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 96 points or 1.35 per cent higher this morning.

Wall Street: Wall Street has rallied, with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic. The small-cap Russell 2000 and the Dow Jones Transports Average, considered a barometer of economic health, both jumped about 2.

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Global stocks: Global stocks have dropped to a four-week low after last week's surprise hawkish shift by the US Federal Reserve reduced the allure of riskier assets, while the dollar held gains and stood near a 10-week high. European stocks opened lower on Monday but the pan-European STOXX 600 index erased early losses to trade flat on the day, helped by a rise in German and Italian shares.

AUD: The Australian dollar is trading at 0.7487 to the US dollar as at 7am this morning.

Oil: Energy producers could be on the rise today after oil prices stormed higher. According to Bloomberg, the WTI crude oil price is up 2.65 per cent to US$73.54 a barrel and the Brent crude oil price has risen 1.9 per cent to US$74.90 a barrel. Oil prices rose amid a softening US dollar and Iranian supply uncertainty.

Gold: Gold miners could be on the rise today after the gold price pushed higher. According to CNBC, the spot gold price is up 0.8 per cent to US$1,783.20 an ounce. The gold price rose after the US dollar softened and traders bought the dip.

Cryptocurrency: The crypto market was deeply in the red on Monday, extending a sell-off that began late last week and gathered pace over the weekend. An ongoing crackdown in China and an unexpectedly hawkish stance from the US Federal Reserve have sparked a sell-off in recent days. Find out how each cryptocurrency has faired here.

Joyce returns: Barnaby Joyce has completed a stunning return as deputy prime minister less than three-and-a-half years after quitting in a cloud of scandal. Joyce will be sworn in at Government House today after defeating Michael McCormack in a Nationals leadership spill on Monday.

NSW deficit: The NSW government's budget deficit is less than half its previous forecast, with the state's economic recovery continuing apace amid COVID-19.Treasurer Dominic Perrottet will on Tuesday reveal a 2020/21 state budget deficit of $7.

SA financial blueprint: Health, education, roads and rail are set to be the big winners in the South Australian budget. Treasurer Rob Lucas will hand down SA's latest financial blueprint today, designed to both assist in the recovery from the COVID-19 pandemic and appeal to voters ahead of the next state election in March.

Vaccine review: A review of all aspects of the COVID-19 vaccine rollout plan will be completed within weeks, as an inquiry heard "hardly anyone" has received a second dose. Lieutenant General John Frewen, the coordinator-general of the national COVID vaccine task force, told a Senate committee looking at the pandemic response he had been brought in to test "all planning assumptions".

Consumer confidence: Consumer confidence - a pointer to future household spending - has wobbled in recent weeks as a result of the Melbourne shutdown. Monday's preliminary retail sales figures for May showed a sharp drop in Victoria as the state entered its fourth lockdown, restraining the national spending result to a mere 0.1 per cent for the month. Otherwise, economic figures have largely remained robust, not least last week's employment figures.

Have a great day.

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