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

Finance market wrap for Wednesday morning. Source: Getty
Good morning.
Here’s everything you need to know about finance markets for today.
ASX: The Australian share market looks set to edge lower on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 5 points or 0.1 per cent lower this morning.
Wall Street: The Nasdaq has ended at a record high, lifted by Amazon, Microsoft and other top-shelf tech companies as investors shifted their focus to growth stocks.1 per cent and its stock market value briefly breached $US2 trillion (A$2.6 trillion).
Global stocks: World shares have struggled to extend a bounce off four-week lows, oil prices have hit their highest in well over two years, and indecisive bond markets have been stuck flip-flopping on inflation and interest rate moves.
AUD: The Australian dollar is trading at 0.7557 to the US dollar as at 7am this morning.
Oil: Energy producers could trade lower on Wednesday after oil prices retreated. According to Bloomberg, the WTI crude oil price is down 0.8 per cent to US$73.08 a barrel and the Brent crude oil price is down 0.1 per cent to US$74.83 a barrel. This appears to have been driven by profit taking from some traders.
Gold: Gold miners will be on watch after the gold price fell overnight. According to CNBC, the spot gold price is down 0.3 per cent to US$1,776.70 an ounce. Traders were selling the precious metal ahead of the release of a testimony from U.S. Federal Reserve chair Jerome Powell. That testimony is expected to provide more clarity on monetary policy plans.
Iron ore: After a tough couple of days, the iron ore price is rebounding. According to Metal Bulletin, the spot iron ore price is up 3 per cent to US$214.32 a tonne.
Cryptocurrency: Bitcoin’s price plunged on Tuesday afternoon to below $30,000 as China continued its regulatory crackdown. The world’s biggest cryptocurrency was down roughly 12 per cent, trading at $29,047. It had started the year at around $29,374, which means it has essentially erased any gains made in 2021.
Jobs surge: The Reserve Bank will get the chance to respond to last week’s extremely strong labour force figures, which has triggered speculation among economists that an interest rate rise could be sooner than expected. RBA assistant governor for economics Luci Ellis will address a business lunch in Adelaide today.
China threat: Fewer than one in five Australians trust China to act responsibly in the world and even fewer endorse the leadership of Xi Jinping, new polling shows. More than 60 per cent of Australians also see Beijing as an increasing security threat, responding negatively to Chinese investment in Australia and Chinese environmental policies, governance and military activity.
Tax return: The end of the financial year is approaching quickly and if you want to make sure you get the most out of your tax return. Yahoo Finance has put together the top five handy tips to maximise your return ahead of the end of financial year.
NSW budget: Having outlined the NSW government’s four-year plan to turn deficit into surplus, Treasurer Dominic Perrottet will now begin making the case for his budget in the face of Labor cost of living attacks. Tuesday’s 2021/22 budget confirmed a deficit of $7.9 billion for the current year, jumping to $8.6 billion for the following 12 months.
SA budget: Big spending in the South Australian budget has drawn criticism from welfare and business groups. The South Australian Council of Social Service says it’s concerned many vulnerable and disadvantaged South Australians will miss out on the benefits. While Business SA says the budget lacks tailored support programs to help those companies hardest hit by the COVID-19 pandemic.
Have a great day.
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