JobKeeper and JobSeeker set for another six months: ASX poised to open higher

Market Reports

by Rachael Jones

The Australian share market looks set to open higher this morning following vaccine hopes. The Morrison government is set to continue the JobKeeper and JobSeeker emergency payments for another six months, but both will be at a reduced rate. The UK has suspended its extradition treaty with Hong Kong amid rising tensions with China over its new national security law. Global banks look to expand to Taiwan as they look to move away from Hong Kong.

Local economic news

RBA governor Phillip Lowe will give a speech later today. RBA board meeting minutes;

Markets

Wall Street closed higher yesterday: The Dow Jones Industrial Average added 0.03 per cent to 26,681, the S&P 500 gained 0.8 per cent to 3252 and the NASDAQ closed 2.5 per cent higher at 10,767.

European markets closed mixed, London’s FTSE fell 0.5 per cent, Paris added 0.5 per cent and Frankfurt gained almost 1 per cent.

Asian markets closed mixed, Tokyo’s Nikkei added 0.1 per cent, Hong Kong’s Hang Seng fell 0.1 and China’s Shanghai Composite closed 3.1 per cent higher.

Taking all of this into equation, the SPI futures are pointing to a 0.7 per cent gain.

Yesterday, the Australian share market closed 0.5 per cent lower at 6002.
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Company news

Respiri (ASX:RSH), an eHealth SaaS Company supporting respiratory health management, has executed a merchant services agreement with leading Buy Now Pay Later provider Zip Money Payments Pty Ltd, a wholly owned subsidiary of Zip Co Limited (ASX:Z1P). The Zip agreement enables asthma sufferers to purchase wheezo® and pay over six interest-free monthly instalments. The availability of this payment plan option removes a potential barrier for a portion of our target customer base. By taking advantage of the ZIP agreement customers will pay $14 per week (including SaaS subscription) for a period of six months rather than an upfront price for device-only of $299. Shares in Respiri (ASX:RSH) closed 3.45 per cent higher to $0.15 yesterday.

Currencies

One Australian Dollar at 7:45 AM was buying 70.19 US cents, 55.48 Pence Sterling, 75.29 Yen and 61.33 Euro cents.

Commodities

Iron Ore lost 0.7 per cent to US$109.54.
Iron Ore futures suggest a 1.6 per cent gain.
Gold has added $9 to US$1819 an ounce.
Silver was up 57 cents to US$20.33 an ounce.
Oil was up $0.10 to US$40.69 a barrel.