ASX to drop, crypto smashed, Optus refunds $800,000

China may be forced to lift Australia's coal ban as its power crisis worsens. Source: Getty

Good morning.

Here's what you need to know about finance markets for today.

ASX: The Australian share market is expected to drop again on Wednesday. According to the latest SPI futures, the ASX 200 is poised to open the day 81 points or 1.1 per cent lower.

Wall Street: Wall Street stocks sank overnight. The Dow Jones fall 1.6 per cent, the S&P 500 drop 2 per cent, and the Nasdaq sink 2.8 per cent. A spike in US bond yields due to rate hike bets spooked investors.

AUD: The Australian dollar is trading at 0.7245 to the US dollar as at 6.30am this morning.

Crypto: Major cryptocurrency prices headed lower on Tuesday afternoon, losing yesterday's gains as traders took stock of the fallout from Beijing's crackdown on mining. The largest digital cryptocurrency, Bitcoin, has dropped 2.84 per cent to 57,942.41.

$800k refunds: Almost 1000 small and medium-sized businesses are being refunded close to $800,000 after Optus charged them for landline services they did not receive. An Australian Communications and Media Authority investigation found the telco continued to bill 994 customers after they had transferred their service to other providers.

Support scrapped: Covid-19 disaster payments offering lockdown-affected workers up to $750 a week will start to be phased out from October as soon as each state hits 80 per cent double dosed vaccination rates. The payments will be scrapped from November.

Coal ban: China may be forced to lift Australia's coal ban as its power crisis worsens. The country is looking offshore for supply but that’s been complicated somewhat by Beijing’s decision to ban imports from Australia - the world’s second-biggest exporter - late last year.

Green energy: Australia could reap $333 billion by 2050 from selling green energy overseas, according to a report pressing for rapid action to avoid a "valley of death" in the country's exports.

Fuel crisis: The UK's fuel crisis continues, with UK prime minister Boris Johnson calling in the army to help tackle the spiralling petrol problem, after a fourth day of panic buying and long queues as pumps run dry. Here's what it means for Australia.

Have a great day.

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