Live Updates: Survey Reveals Parental Financial Support for Property Purchases

As financial markets shift, the ASX is anticipated to make a slight rise after a mixed trading session on Wall Street. The tech-heavy Nasdaq faced some challenges overnight, adding to the uncertainty in the markets.

Stay informed on the latest financial news and insights with our live blog updates.

Note: This blog is not intended as investment advice.

Market Overview

ASX 200 futures: Expected to rise by 0.1%, as per the latest figures. Australian dollar: Down by 0.2% at 62.10 US cents.

• Wall Street Performance: Dow and S&P remain flat, while Nasdaq dips by 0.5%.
• European Markets: DAX up by 0.4%, FTSE up by 1.1%.
• Commodity Prices: Spot gold is up by 1.1% at $US2,747 per ounce; Brent crude fell by 1% to $81.25; iron ore increased by 2.2% to $US102.80 per tonne.
• Cryptocurrency: Bitcoin is making headlines again, up by 0.6% at $US100,584.

Current prices reflect the market situation around 7:30 AM AEDT.

Focus on Cryptocurrency

Bitcoin has reached $US100,000 once again as anticipation builds ahead of Trump's upcoming inauguration slated for January 21 (US time). The former president has been perceived as favorable towards cryptocurrencies, sparking optimism in the market.

Supporting the Next Generation

A recent survey conducted by UBS sheds light on how Australian parents are financially supporting their children in the property market. The term "bank of Mum and Dad" has become quite popular, indicating that many parents are stepping in to assist their children with property purchases.

The survey involved 1,000 participants, revealing that around 40% of them had either given or received financial support from family in 2024. Interestingly, over a quarter of those who received funds reported using the money for mortgage repayments, while another quarter indicated it helped them buy property.

Some parents are providing significant financial aid, with amounts exceeding $200,000 not being uncommon. This trend raises vital questions about the long-term impact of parental financial support on the housing market.

ASX Expectations Amid Wall Street Trends

On a broader scale, as the ASX prepares for its opening, it appears that Australian shares are set to rise slightly, despite Wall Street’s marginal downslide with the Dow and S&P dipping by 0.1%, and the Nasdaq down by 0.5%. We will continue to provide updates as the day progresses.

ASX, Parents, Property