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ASX to open down as Aussies await reopening plan

·2-min read
The ASX board and Prime Minister Scott Morrison
National Cabinet is set to meet today with Prime Minister Scott Morrison pushing for an easing of restrictions despite case numbers (Source: Getty)

Good morning.

ASX: The local market is set to open in the red today after global markets slipped overnight.

Some market darlings fell yesterday with Appen and A2 Milk falling heavily after less than ideal earnings.

Wall St: The US markets lost ground overnight, ending a streak of all-time closing highs.

Investors have flagged concerns over developments in Afghanistan, while fears of a potential shift in US Federal Reserve policy prompted a broad sell-off.

Plan to reopen: National Cabinet will meet today where state and territory leaders are expected to battle it out over the country’s reopening plan.

Prime Minister Scott Morrison has been adamant vaccine coverage targets of 70 per cent and 80 per cent should trigger an easing of restrictions regardless of case numbers.

$18.5 million: That’s how much NAB has been ordered to pay by the Federal Court in relation to fees charged to customers.

The major bank has already begun repaying $31 million to 15,000 affected customers.

New chair: The crown has been passed on at Crown Resorts with former Telstra ​​boss Ziggy Switkowski set to take over as chair.

This comes as Helen Coonan stepped down after shocking revelations in the Victorian royal commission and NSW gaming inquiry.

Melbourne, Australia - December 20, 2016: Groups of visitors passing through a entrance to the Crown Melbourne integrated resort in Southbank at dusk.
Former Telstra ​​boss Ziggy Switkowski will replace Helen Coonan as chair of Crown Resorts (Source: Getty)

First rate rise: All eyes were on South Korea yesterday after its central bank lifted the interest rate off its record low - being the first major economy in Asia to do so.

Governor Lee Ju-yeol suggested the bank could further tighten policy as data showed its economy was overheating.

This has drawn attention back to the global inflationary pulse as central banks around the world start laying the groundwork to transition away from crisis-era stimulus.

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