7 June 2020
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AP/PAUL MILLER

5 things you need to know today

Switzer Daily
22 May 2020

1. Property analysts predict the value of the nation’s office tower sector could fall by as much as 15 per cent over the next year because of the shift toward work-from-home measures in a post-COVID world.

2. The NSW government is reportedly proposing a freeze on pay rises for MPs during the COVID-19 pandemic.

3. Wesfarmers plans to convert a number of Target stores to Kmart stores, as well as close up to 75 Target stores after a review of their retail operations and figures.

4. Oil futures rose to the highest they've been since March, due to lower US crude inventories, OPEC-led supply cuts and increased movement and demand of oil and petrol. Brent hit a 21-year-low in April, settling below $US16 a barrel and has now closed at $US36.09 per barrel most recently.

5. The ASX is set to edge lower as the Dow closed down 0.41% to 24,474.12. The S&P 500 dropped 0.78% to 2,948.51 and the Nasdaq fell 0.97% to 9,284.88.

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