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ASX to drop as Snowy 2.0 delayed by 19 months

·2-min read
ASX sign and Snowy Hydro building
ASX to fall again after US stocks ended sharply lower. (Source: Getty)

ASX: The local market is poised to fall after suffering another drop of more than 100 points yesterday.

This comes as the massive Snowy 2.0 pumped-hydro expansion project has been delayed by 19 months, as reported in the Australian Financial Review, which could complicate Australia’s clean-energy transition.

Wall Street: US stocks ended sharply lower, in a broad decline led by Nasdaq, as investors grew cautious ahead of data on Friday that is expected to show consumer prices remained high in May.

All 11 of the S&P 500 sectors were in negative territory, with the communication-services sector down the most.

Global markets: Investors have buckled up for the European Central Bank's signal that it is ready to raise its interest rates for the first time in a decade.

Ukraine recovery: Ukraine's ambassador to Australia is seeking to meet with Australian government ministers to discuss trade and aid opportunities after returning from the war-torn country.

The ambassador has called for a free trade agreement between the two nations.

He said, while it would likely play a largely symbolic role, it would be important to encourage private and public investment in his country to help with its recovery.

Boris Johnson: The British Prime Minister will promise to rejuvenate a flagging economy and make it easier for people to buy homes in his latest reset after just surviving a major revolt against his leadership.

The government is expected to set out reforms to help people cut costs in every area of household expenditure, from food to energy to child care to transport and housing.

New Zealand relations: Anthony Albanese's fast-paced start to his prime ministership continues, with the PM due to meet New Zealand Prime Minister Jacinda Ardern today.

On the agenda will be Australia's practice of deporting criminals to New Zealand who don't have familial or community ties there, as well as improving the pathway to citizenship for Kiwis who live in Australia.

Fined: A money-transfer business has been fined $1 million for a five-year cartel that fixed the Australian dollar and Vietnamese dong exchange rate in Melbourne and Sydney.

Vina Money Transfer Pty Ltd breached consumer laws by agreeing to a common exchange rate and transaction fee with two other businesses.

"The businesses would not lose business to its competitors on account of that competitor fixing a better exchange rate," Federal Court Judge Wendy Jane Abraham said in her written judgment on Thursday.

-With AAP

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