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ASX to lift as fuel excise cut ends

The ASX board showing company price changes and a sign at a petrol station showing prices.
The ASX is expected to rise this morning as motorists brace for higher petrol costs. (Source: Getty)

ASX: The local market is expected to rise this morning after a surprise move from the Bank of England overnight pleased global markets.

This comes after the Australian share market took a dive yesterday, closing at its lowest level since June 20.

Wall Street: US stocks surged on Wednesday afternoon as Treasury yields retreated from a sharp ascent and investors cheered on a surprise policy pivot by the Bank of England.

England economy: The Bank of England opted to intervene in bond markets, saying it would start buying long-dated government bonds at "whatever scale is necessary" in a bid to "restore orderly market conditions".

The move comes after the cost of UK government borrowing spiked dramatically in recent days, surpassing rates paid by Italy and Greece.

Here is a breakdown of what it all means.

Optus hack: Optus must cover the cost of replacing compromised identity documents, including passports, after a massive data breach at the telco, the Government said.

Prime Minister Anthony Albanese told parliament on Wednesday it shouldn't fall to taxpayers to help affected customers when it was the telecommunications giant's fault.

Petrol pain: The return of the full fuel excise tax will start showing up at the pump in a matter of days.

The fuel tax was halved by the former Morrison government to reduce fuel prices when the conflict in Ukraine caused prices to soar above $2 a litre.

The temporary policy was in place for six months and ended last night.

Investment: Power prices are likely to rise unless there is massive investment and a coordinated plan to improve electricity generation, transmission and capacity.

A crisis hit the east coast gas and electricity markets in June with extremely high wholesale prices, the temporary suspension of the electricity market and the failure of several small retailers.

Caddick mystery: An ocean expert said the severed foot of missing fraudster Melissa Caddick could have travelled from Sydney cliffs before washing up on the NSW south coast months later.

However, an examination of goose barnacles found on the foot show it was likely floating off the NSW coastline for three to seven days before appearing on Bournda beach.

- With AAP

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