ASX edges lower, crypto crashes, RBA to respond to jobs surge


Financial market close for Wednesday morning. Source: Getty

Good Morning.

Here is everything you need to know about the financial markets today.

ASX: The Australian stock market should trend lower on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open 5 points, or 0.1 percent lower in the day this morning.

Wall street: The Nasdaq ended at a record high, lifted by Amazon, Microsoft, and other top tech companies as investors shifted their focus to growth stocks.

Global stocks: World stocks struggled to cushion themselves from four-week lows, oil prices have hit their highs in more than two years, and indecisive bond markets are stuck in inflation and interest rate hikes.

AUD: The Australian dollar trades at 0.7557 against the US dollar at 7:00 a.m. this morning.

oil: Energy producers could trade lower on Wednesday after oil prices fell. According to Bloomberg, WTI crude oil prices fell 0.8 percent to $ 73.08 a barrel and Brent crude oil prices fell 0.1 percent to $ 74.83 a barrel. This appears to be due to some traders’ profit taking.

gold: Gold miners will be on their guard after the gold price has fallen overnight. The spot gold price fell 0.3 percent to $ 1,776.70 an ounce, according to CNBC. Traders sold the metal ahead of the release of a statement from Federal Reserve Chairman Jerome Powell. This statement is expected to provide more clarity about the monetary policy plans.

Iron ore: After a few tough days, the iron ore price will recover. According to Metal Bulletin, the spot iron ore price rose 3 percent to $ 214.32 per ton.

Cryptocurrency: Bitcoin’s price plummeted below $ 30,000 on Tuesday afternoon as China resumed regulatory action. The world’s largest cryptocurrency lost about 12 percent and was trading at $ 29,047. It had started the year at around $ 29,374, meaning it essentially wiped out any gains from 2021.

The story goes on

Increase in jobs: The Reserve Bank will have a chance to respond to the extremely strong workforce last week, which has sparked speculation among economists about an earlier rate hike than expected. Luci Ellis, RBA Assistant Governor for Business, will address a business lunch in Adelaide today.

Threat from China: Less than one in five Australians trust China to act responsibly in the world, and even fewer support Xi Jinping’s leadership, new polls show. More than 60 percent of Australians also see Beijing as a growing security threat and react negatively to Chinese investments in Australia and Chinese environmental policy, governance and military activities.

tax declaration: The end of the financial year is getting closer and closer and when you want to make sure that you get the most out of your tax return. Yahoo Finance has compiled the top five tips to help you maximize your return before the end of the fiscal year.

NSW budget: After outlining the NSW government’s four-year plan to convert deficits into surpluses, Treasurer Dominic Perrottet will now plead for his budget in the face of attacks on labor costs. Tuesday’s 2021/22 budget confirmed a deficit of $ 7.9 billion for the current year and rose to $ 8.6 billion in the following 12 months.

HIS budget: High spending in the South Australian budget has sparked criticism from welfare and corporate groups. The South Australian Council of Social Service says it is concerned that many vulnerable and disadvantaged South Australians will miss out on the benefits. While Business SA says the budget lacks tailored support programs to help the companies hardest hit by the COVID-19 pandemic.

Have a great day.

Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to the free Fully Briefed daily newsletter.