Here’s everything you need to know in finance this morning.
ASX to stumble: The ASX is expected to open lower as the Australian dollar falls against the US dollar.
It comes after a soft lead from the US overnight, with the Dow Jones Industrial Average finishing down 1.005 per cent, the S&P 500 down 0.90 per cent and the Nasdaq Composite down 0.79 per cent.
The Aussie dollar is buying 67.98 US cents, down from 68.45 US cents on Thursday.
NAB troubles: Documents leaked to Fairfax reveal NAB knew it was selling dodgy products, even as it was selling them. More here.
David Jones struggles: Australia has entered a retail recession, with David Jones’ value being written down by $437 million.
This is the second write-down since 2018, and paints a gloomy picture for David Jones and the retail sector.
“The retail sector in Australia is currently in recession and the Australian economy has slowed to its weakest level since the global financial crisis in 2009,” David Jones’ owner, Woolworths Holdings said.
Toyota class action: The car manufacturer is facing a class action of up to 250,000 drivers, with litigants claiming there is a faulty piece of equipment in the vehicle. The Hilus, Prado and Fortuner are allegedly affected, with defective parts impacting performance. It comes just days after Toyota was named the most popular car manufacturer in Australia.
Full time work could be a thing of the past, according to the CEO of freelancer.com. But is this a good thing?
Property: And looking to purchase? Here’s how much you’ll need to pull together a deposit in Australia’s capitals.
Have a great day.
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