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ASX to lift rise as Morrison promises to create 400,000 new small businesses

·3-min read
ASX and people working in cafe
The ASX is expected to rise as the focus of the federal campaign turns to the leaders' economic credentials. (Source: Getty)

ASX: The local market is expected to rise after US stocks surged yesterday.

This comes after all four of the big banks decided to pass on the Reserve Bank of Australia’s cash rate hike in full to their variable-rate-mortgage customers.

Wall Street: US stocks ended sharply higher after the Federal Reserve delivered a widely expected interest rate hike and the S&P 500 recorded its biggest one-day percentage gain in nearly a year.

Stocks initially see-sawed after the announcement, then the indexes strengthened.

Fed hikes: The Federal Reserve has intensified its fight against the highest inflation in 40 years by raising its benchmark short-term interest rate by a half-percentage point - its most aggressive move since 2000.

It also signalled further large rate hikes to come.

The increase in the Fed's key rate raised it to a range of 0.75 per cent to 1 per cent, the highest point since the pandemic struck two years ago.

Federal election: Prime Minister Scott Morrison will spruik a new small business pledge, while Anthony Albanese will make his pitch to industry leaders, as the focus of the federal campaign turns to the leaders' economic credentials.

Morrison said the coalition would look to create 400,000 new small businesses during the next five years, should the government be re-elected.

Meanwhile, the Labor leader will address the Australian Chamber of Commerce and Industry in Sydney today and pitch the need for economic reform.

Climate change: Extreme weather, the early closure of coal plants, and a world moving to cut carbon emissions have shifted regional Australians' views on moving away from fossil fuels, according to a new report.

Not-for-profit consultancy, The Next Economy, interviewed people from communities connected to the fossil fuel industry across Australia over the past year about managing the transition to net zero emissions.

"By the end of 2021, the overwhelming majority acknowledged that fossil fuel use would eventually be phased out and that Australia is shifting to renewable energy," the consultancy report said.

Ukraine conflict: The European Union has proposed its toughest sanctions yet against Russia, including a phased oil embargo, as Ukraine says a Russian offensive in eastern Ukraine is intensifying and Belarus announced large-scale army drills.

Construction slump: The volatile swings in building approvals during the first months of the year likely continued into March, with another big drop predicted.

Cybersecurity: Password laziness puts millions of Australians and the companies they work for at risk of cybercrime, experts have warned, with an estimated two thirds of Australian businesses and large corporations vulnerable.

‘Hand of God’ shirt: The shirt worn by Diego Maradona when he scored two of the most famous goals in soccer history has been sold for $12.5 million - a new auction record for an item of sports memorabilia.

-With AAP

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