ASX set to dip as iron ore tumbles US markets march on
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Australian companies are increasingly looking to follow the lead of US peers and let only fully vaccinated workers return to the office when lockdowns end.
Rather than mandating all staff to get the jabs, the local arm of US technology giant Salesforce and ASX-listed software firm Altium both find a staged approach to repopulating offices better suited to accommodate the lagging vaccine rollout in Australia.
Salesforce has a 2000-strong workforce in Australia. Its staff has been mainly working from home in recent times, and the head of its Australian operations, Pip Marlow, said the company was considering vaccination requirements alongside testing offers for COVID-19 and capacity limits for its offices.
Salesforce CEO Pip Marlow is mulling a ‘phased approach’ to COVID-19 vaccination for her workforce.Credit:Peter Braig
“I don’t think it’s really a simple yes or no answer,†Ms Marlow said when asked whether the $US241 billion ($331 billion) company would follow the lead of Qantas and SPC to mandate vaccinations for Australian employees.
“I’ve got employees with health issues which impact the time of their vaccinations and with immunosuppressant issues [and need safety at work].â€
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Victoria’s daily coronavirus numbers are in.
The state has recorded 176 new, locally acquired cases of COVID-19 and zero in hotel quarantine. This is Victoria’s highest daily total this year.
The Department of Health says 83 cases are linked to known outbreaks. This means there are, at this stage, 93 mystery cases.
Authorities have not yet said how many people were in isolation for their entire infectious period.
There are now 1029 active cases of coronavirus across the state.
Today’s numbers are off the back of yesterday’s 48,372 coronavirus tests.
Asian stocks look set for a steady open Thursday after large US technology shares climbed in a defensive tilt to the Wall Street rally. The US dollar slipped to about a three-week low.
Futures climbed in Japan and Hong Kong, but fell in Australia.
The tech-heavy Nasdaq 100 edged up to a record while the S&P 500 was little changed amid mixed data suggesting a slower labour market recovery. Google parent Alphabet Inc. dipped in extended trading on the risk of a second antitrust lawsuit. US equity contracts fluctuated.
Benchmark US 10-year Treasury yields retreated below 1.3 per cent.
Wall Street improved overnight. Credit:AP
Traders are awaiting key US jobs data Friday for more clues on the economic outlook and the likely timeline for a reduction in Federal Reserve pandemic-era stimulus.
Chinese technology stocks listed in the US extended their rebound on bets that the worst of Beijing’s regulatory crackdown may be over.
Separately, China’s central bank will provide 300 billion yuan ($US46.4 billion) of low-cost funding to support small- and medium-sized firms. Officials recently signalled plans to selectively loosen monetary policy to cushion the economy.
Investors are trying to assess when the delta variant virus outbreak might peak as well as the implications of reduced central bank policy support in the months ahead.
Global stocks are at record levels and gauges of implied financial market volatility are declining, suggesting investors remain confident about the recovery from the health crisis.
While some are growing cautious about what might happen to US stocks this month, Wall Street is mostly “still very bullish,†Edward Moya, senior market analyst at Oanda, wrote in a note.
That’s because of liquidity levels, upcoming infrastructure stimulus and hopes for more reopening momentum as the delta strain surge may be peaking, he said.
The latest ADP Research Institute data showed U.S. companies added fewer jobs than expected in August. Manufacturing expanded at a stronger-than-estimated pace but faced supply snarls and labour constraints.
Elsewhere, oil was steady after a relatively harmonious OPEC+ decision to gradually raise supply and a bullish US oil inventory report.
Bloomberg
ASX futures down 17 points or 0.2% to 7454.0 at 8.30am AEST
Hello and welcome to today’s Markets Live.
Your editors today are Alex Druce and Colin Kruger.
The ASX improved in afternoon trading yesterday after a weak start, closing just 0.1 per cent lower. The major banks and Telstra rose, while energy stocks were strong.
Futures are pointing to a weak start on Thursday.
This blog is not intended as financial advice.
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