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ASX to rise as $30 billion Aussie export to be ‘phased out’

·2-min read
The ASX board showing company prices changes and Scott Morrison looking concerned.
The ASX is set to rise this morning, and one of Australia's biggest exports is set to be phased out by the rest of the world. (Source: Getty)

Good morning

ASX: The local market is expected to get a boost at the open after a positive session on Wall Street.

This comes after investors held their nerve yesterday as central banks around the world began winding back pandemic stimulus.

Wall St: The S&P 500 and the Nasdaq indexes hit record highs, propped up by a slew of stellar earnings reports, while the Dow Jones was mostly flat throughout the trading session.

The positive earnings were enough for investors to shrug off the Federal Reserve's first steps to begin paring its pandemic-era support.

BTC: Bitcoin was lower this morning as US lawmakers continued to debate cryptocurrency regulation.

Coal phase out: The United Kingdom has declared an end to the era of coal, saying it had 77 signatories to a pledge to phase out the dirtiest of the fossil fuels that cause global warming.

Australia, along with China, the US and India, did not sign the agreement to phase out the use of coal.

Australia’s coal export values are forecast to rise from $23 billion in 2020–21 to $30 billion by 2022–23.

Car troubles: A Sydney man wanted a "very expensive Ferrari" which led him to emotionally and financially pressure his girlfriend working at the Commonwealth Bank to swindle millions from a customer's account, a court was told.

Junchi Ma, 31, has pleaded not guilty to 18 charges including dealing with the proceeds of crime which he intended to conceal.

2022 outlook: How Australia's economy is tracking as COVID-19 vaccine restrictions ease is to be laid out by the Reserve Bank of Australia (RBA) today.

The central bank's quarterly statement on monetary policy follows comments by RBA governor Philip Lowe on Tuesday after the monthly board meeting.

Borders open: Victoria has completely thrown open its border to NSW, even for those not fully vaccinated against COVID-19.

Premier Daniel Andrews and NSW counterpart Dominic Perrottet issued a joint statement last night announcing the states would open their borders to each other from today.

Have a great day.

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