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ASX to fall, Australia mulls winding back $10.3 billion in subsidies

·Personal Finance Editor
·2-min read
The ASX board, a large truck at a mine and Prime Minister Scott Morrison.
Australia will join other APEC nations in mulling winding back fossil fuel sibsidies which cost Aussies over $10 billion a year. (Source: Getty)

Good morning.

ASX: The local market is expected to fall at the open after a mixed session on Wall Street.

Australian shares slumped yesterday on concerns about how US authorities will respond to the biggest rise in inflation in 31 years.

Wall St: US stocks had a mixed session overnight. The S&P 500 and Nasdaq initially recovered after two days of inflation-driven sell-off.

However, the Nasdaq wasn’t able to hold onto those gains throughout the session and the Dow was held back by losses for Walt Disney.

The US dollar hit a 16-month high and bond and stock markets drooped after the strongest US inflation reading in more than three decades fuelled expectations of Fed interest rate hikes next year.

BTC: Bitcoin fell overnight as US regulators continued working towards a regulatory environment.

Fossil fuels: Australia will join other countries in the region in examining how to wind back billions of dollars in fossil fuel subsidies, as the business sector and politicians seek to tackle climate change.

The issue is on the agenda of the APEC leaders' summit this weekend, hosted virtually by New Zealand Prime Minister Jacinda Ardern.

Fossil fuel subsidies cost Australians a staggering $10.3 billion in FY 2020-21.

Xi for life?: China's ruling Communist Party has paved the way for state and party leader Xi Jinping to run for a third term - or perhaps even stay as the country's leader for life.

In its "Resolution on the Major Achievements and Historical Experience of the Party over the Past Century" the Central Committee decided Xi's position should be upheld "as the core of the party".

Frog census: If you ‘re looking for something fun to do this weekend, the great Aussie frog census is about to begin.

Today marks the start of the fourth annual FrogID Week when nature lovers are encouraged to creep around their yards, local parks, and other green spaces listening for and recording the dulcet tones of Aussie frogs on a special app.

Have a great day.

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