- The ASX200 is trading 0.8% higher on Wednesday at 7332.30.
- Zip Co rallies on US$50m investment into India?s BNPL leader ZestMoney.
- Insurance Group Australia hit by 6.0 magnitude earthquake concerns.
The Australian market is continuing its green run into Wednesday, trading 0.8% higher at 7332.30 after lunch, as energy and resources stocks lead gains on the ASX. Investor concerns from Monday?s turbulent session caused by the possible collapse of China?s Evergrande Group, have eased today as the Evergrande Group?s onshore property unit has negotiated a plan with bondholders to repay interest due on September 23.
Tech stocks have tumbled from a morning rally to trade lower after lunchtime with Wisetech Global leading losses in the sector, down 2.13%, and Link Administration Holdings is trading 1.81% lower.
Bitcoin is trading 1.90% lower over the last 24-hours at US$42,182.32 at 1pm AEST.
Buy now, pay later provider Zip Co is rallying today after announcing an investment of US$50m into Indian-based leading BNPL operator, ZestMoney to obtain a minor shareholding. The expansion of investment into India is in line with Zip?s high growth targets in attractive markets.
Making headlines, Insurance Australia Group (IAG) is taking a hit today among the broader insurance sector, as the east coast of Australia braces for a flood of insurance claims following this morning?s 6.0 magnitude earthquake. Reports from the Australian revealed a 5.8 magnitude earthquake in Newcastle in 1989 cost insurers $3.2bn, which today is reported to amount over $7bn.
And America?s largest food delivery company, DoorDash, has launched alcohol delivery and pick up in the US, Canada and Australia to compete with Uber Eats and Postmates who also recently launched alcohol delivery services.