7 August 2020
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AP/LUKAS COCH

5 things you need to know today

Switzer Daily
22 July 2020

1. Institutional investors are expected to inject their idle cash into the share market after Treasurer Josh Frydenberg and RBA Governor Philip Lowe officially announced they would extend economic support beyond September. The Treasurer is announcing mini-budget updates on Thursday and has warned the numbers are "eye-watering".

2. The Australian dollar has risen to a 15-month high overnight, following the announcement of a continuation of stimulus support measures. The Aussie dollar rose up to US71.47¢ overnight, hitting its highest level since 19 April 2019.

3. EU leaders have struck a record-breaking recovery package deal, settling on a 750 billion euro deal to fund post-pandemic relief in the EU. The French President Emmanuel Macron called it a "historic day for Europe".

4. The Australian Medical Association has called upon the National Cabinet to establish a nationwide mandatory mask policy. Victoria's mandatory mask policy is being implemented from midnight tonight.

5. The ASX is tipped to slip today, despite the Dow closing higher up 0.60% to 26,840.40. The S&P 500 jumped 0.17% to 3,257.30 and the Nasdaq dropped 0.81% to 10,680.36.

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