Here’s what you need to know about the financial markets today.
ASX: The Australian equity market is expected to fall sharply again this morning. According to the latest SPI futures, the ASX 200 is expected to open the day 68 points, down 0.9% this morning.
Wall Street: It was a disappointing weekend on Wall Street, which saw the Dow Jones drop 0.5%, the S&P 500 drop 0.9% and the Nasdaq drop 0.9%.
EUR: The Australian dollar is trading at 0.7268 against the US dollar at 6.30am this morning.
Mortgage stress: Mortgage stress rises in major Sydney and Melbourne suburban electorates despite record interest rates as soaring house prices leave two in five households struggling to make ends meet, SMH reports. New research shows that up to 70 percent of households in these areas are under mortgage stress as high house prices eat into the weekly budget.
Iron-ore: A suite pressure on iron ore prices seems likely, with measures taken by China to cut steel production to limit air pollution, which is expected to squeeze the share prices of large miners and threaten federal government tax revenues. The price of the key steel material has seen its value halved from a record US $ 230 (A $ 316) per tonne in May, causing the stock values of ASX-listed producers such as Fortescue to fall sharply. Metals, Rio Tinto and BHP. Last week.
StarTrack strike: StarTrack workers to stage 24-hour strike next Thursday, claiming that the company’s management declined an invitation to hold an urgent negotiating meeting this week. The Transportation Workers Union says StarTrack has outsourced work at increasing rates, up to 70 percent in some yards, and that the practice threatens employee employment. StarTrack is owned by Australia Post.
“A closer shot”: Professional organizations are teaming up to urge Australians to get vaccinated in a new campaign called ‘One shot close’. According to the Business Council of Australia, when it comes to getting vaccinated, businesses big and small speak with one voice.
Have a nice day.