ASX collapses as mortgage stress rises and iron ore plummets

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The Australian equity market is expected to fall sharply again on Monday. Source: Getty

Hello.

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 is skyrocketing 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: Continued pressure on iron ore prices looks likely, with measures taken by China to cut steel production to limit air pollution likely to lower large miners’ stock prices and threaten earnings federal government taxes. The price of the key steel material has seen its value halved from record highs of US $ 230 (A $ 316) per tonne in May, causing the stock values ​​of ASX-listed producers such as Fortescue Metals, Rio Tinto and BHP. Last week.

StarTrack strike: StarTrack workers will stage a 24-hour strike next Thursday, saying company management declined an invitation to hold an urgent bargaining 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.

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