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ASX higher as Frydenberg pleads ‘don’t abandon mining’

Treasurer Josh Frydneberg and the board at the ASX
Treasurer Josh Frydneberg is expected to urge banks, super funds and insurers to not ditch the mining industry as he backs a net zero by 2050 target (Source: Getty)

Good morning.

ASX: The local market is set to open higher this morning after Wall Street rallied for a second straight day.

Aussie stocks finished in the green yesterday as global markets recovered from volatility earlier in the week.

AUD: The Aussie dollar has been sitting flat, up around 0.005 per cent buying around 73 US cents.

Wall St: US stocks have gained overnight as investors appeared relieved about the Federal Reserve's stance on easing stimulus measures and raising interest rates.

The Dow Jones Industrial Average rose 506.5 points, or 1.48 per cent, to 34,764.82, the S&P 500 gained 53.34 points, or 1.21 per cent, to 4,448.98 and the Nasdaq Composite added 155.40 points, or 1.04 per cent, to 15,052.24.

Net zero: Federal Treasurer Josh Frydenberg is set to send a confusing message by backing a net zero target by 2050 while also urging major financial institutions not to abandon the mining industry.

Frydenberg said businesses that recognise climate change-triggered trends will have the most promising futures.

"At the same time, there is a message to Australian banks, super funds and insurers," he is expected to tell the Australian Industry Group on Friday.

"If you support the objective of net zero, do not walk away from the very sectors of our economy that will need investment to successfully transition."

Twitter backs Bitcoin: Some Twitter users will be able to make money from their tweets as it rolls out its new tipping feature.

It will allow users to “tip” users whose content they enjoy, and will be able to do so in Bitcoin as well.

The option will appear as a cash icon on profiles, which links up to several third party online payment services, including Cash App and Patreon.

Twitter said it would not take a cut from payments.

Double your annual leave: International borders are set to open by Christmas and Australians are now eagerly planning their overseas holidays or domestic jaunts.

If you’re looking to log your annual leave early, we’ve looked at the 2022 national public holidays and worked out just how you can turn 11 days of annual leave into 30 days off, simply by capitalising on public holidays and weekends.

Here’s how you do it.

Have a great day.

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