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5 things you need to know today

Switzer Daily
3 February 2021

1. Interest rates to remain at 0.1% until 2024

Following the decision to keep interest rates on hold at 0.1% yesterday, RBA governor Philip Lowe said that the central bank's board does not expect the conditions for an increase to be met until 2024. The RBA also extended its bond-buying program by a further $100 billion to $200 billion.

2. ASIC says it 'isn't simple' to monitor social trading on Reddit and other sites

ASIC has highlighted the challenges of monitoring recent trends of social trading on sites such as Reddit, with senior executive leader of market supervision Calissa Aldridge telling the AFR that it isn't "a simple thing" to regulate online discussions. "We are still reliant on and want to continue to encourage consumers, stakeholders and the financial markets industry to notify us when they see something that is particularly concerning," Aldridge said.

3. Jeff Bezos to step down as Amazon CEO this year

Jeff Bezos will transition from CEO to executive chair in the third quarter of 2021 and will be replaced by Amazon Web Services (AWS) CEO Andy Jassy. "Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," Bezos said in a statement.

4. Nurse wins film festival for one in Sweden

The 2021 Gothenburg Film Festival in Sweden will be a little different this year, with frontline nurse Lisa Enroth selected from 12,000 applicants to view all 70 films alone on the remote island of Pater Noster. "The wind, the sea, the possibility of being part of a totally different kind of reality for a week – all this is really attractive," Enroth said.

5. US stocks rise again

The Dow Jones gained 475.57 points or 1.57% overnight to close at 30,687.48, the S&P 500 rose 52.45 points or 1.39% to 3,826.31 and the Nasdaq moved 209.38 points or 1.56% higher to 13,612.78. GameStop fell US$130.05 or 60.01% to US$90.00.

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