ASX drops as markets digest this year's Federal Budget

Good morning.

Here's everything you need to know in finance market for today.

ASX: It looks set to be another difficult day of trade for the Australian share market on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 39 points or 0.55 per cent lower this morning.

Wall Street: A lacklustre morning for Aussie stocks follows a poor night of trade on Wall Street which saw the Dow Jones fall 1.35 per cent, the S&P 500 fall 0.9 per cent and the Nasdaq drop 0.1 per cent. The latter was down as much as 3.5 per cent at one stage before rebounding.

Tech stocks: A tech stock rout has swept through Wall Street this week. Here's why it's happened.

AUD: The Australian dollar is trading at 0.7846 to the US dollar as at 7.50am this morning.

Oil: According to Bloomberg, the WTI crude oil price is up 0.8 per cent to US$65.43 a barrel and the Brent crude oil price has climbed 0.5 per cent to US$68.68 a barrel. Oil prices rose amid fears of fuel shortages in the United States.

Gold: According to CNBC, the spot gold price is up slightly to US$1,838.30 an ounce. Increased demand for safe haven assets was partially offset by rising bond yields.

Federal Budget 2021: Josh Frydenberg handed down his second 'pandemic budget' at 7.30pm last night. Whether you’re a taxpayer, a parent, an asylum seeker or a game developer, here’s what the 2021 Budget delivers for Aussies. Frydenberg has unveiled this year's Budget with a massive focus on closing the gap between men and women and boosting jobs and this is how he put women front and centre. Tax cuts and concessions, Australia’s older citizens and big changes to superannuation were also key topics for this year.

Budget 2021, the numbers: Here's a quick guide for all the numbers to come out of this year's Federal Budget.

Budget 2021 response: The latest COVID-19 federal budget doesn't try to rebuild the foundations for the economic growth needed to repair government coffers, say economists. Meanwhile Australia's aged-care system is on the pathway to transformation but more funding is still needed, leading advocates say in response to a record federal government package. The Morrison government's 2021/22 budget includes $17.Elsewhere the National Union of Students president slammed the budget of falling short for women.

Australia's rating: Australia's top-tier triple-A rating looks safe for now, even as Treasurer Josh Frydenberg's third budget predicts big deficits over the next few years with government debt edging closer to $1 trillion.

Bezos: Jeff Bezos, the billionaire founder of Amazon, is finally set to join the gilded ranks of the haves and have-yachts. The world’s richest man has been named as the soon-to-be proud owner of one of the most expensive and extravagant superyachts ever built.

Property investment: Apartments versus houses: Do you know what the best investment is in today's market? It's not as simple as it seems. Find out why here.

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