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ASX to lift as markets brace for Fed rates decision

·2-min read
ASX sign and Federal Reserve chair Jerome Powell
ASX to rise ahead of an expected rate hike by the Federal Reserve. (Pictured: Federal Reserve chair Jerome Powell, Source: Getty)

ASX: The local market is poised to lift at the open ahead of an expected rate hike by the Federal Reserve this week

The market closed flat yesterday ahead of domestic inflation data and the pending hike in interest rates for the world's biggest economy.

Wall Street: US stocks see-sawed on Monday and ended little changed as investors braced for the Fed’s decision and earnings from several large-cap growth companies.

New Parliament: Climate change, aged care reform and domestic violence leave will mark the start of the new Parliament, along with the traditional ceremonial fanfare.

The Albanese Government's climate change bill - enshrining its emissions-reduction target - will be introduced to the Parliament on Wednesday.

It will legislate the reduction of greenhouse gas emissions by 43 per cent below 2005 levels by 2030, and net-zero by 2050, as promised at the federal election.

Also on the program will be laws to abolish the cashless welfare card, make electric cars cheaper, create the agency Jobs and Skills Australia, and stamp out inappropriate Medicare billing.

Trade unionist turned senator Sue Lines is expected to be elected Senate president.

Health innovation: With COVID cases surging across Australia, NSW is being spruiked to Korean scientists as a clinical trial hub where drugs can be developed.

After meeting with executives from car giant Hyundai in Seoul to talk about investments in hydrogen production, NSW Premier Dominic Perrottet is shifting his attention to health as part of his 10-day Asia trade trip.

Ukraine conflict: Russia's Gazprom is set to cut supplies further through its single biggest gas link to Germany, crushing hopes a deal over grain supplies would lessen the economic impact of the Ukraine war.

Industrial action: Adelaide Hills bus drivers will strike for 24 hours in response to what the Transport Workers' Union said had been a breakdown in pay negotiations.

The drivers, who work for Keolis Downer subsidiary Southlink, will walk off the job today.

Budget estimates: Queensland Premier Annastacia Palaszczuk and Treasurer Cameron Dick will face a grilling over everything from lobbyists to coal royalties on the first day of budget estimate hearings.

Indigenous fashion: More than 20 Indigenous businesses and designers have been given one-off grants as part of a new program supporting First Nations fashion and textiles.

The grants of between $5,000 and $25,000 are from the Australia Council's new Flourish fund, which aims to encourage the growth of Indigenous design businesses.

-With AAP

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