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ASX to rise as Australia vows to defend itself against China

Eliza Bavin
·Personal Finance Editor
·2-min read
Australian trade minister Dan Tehan and the ASX
The Australian trade minister Dan Tehan said the government would “robustly defend" against fresh China claims (Source: Getty)

Good morning.

ASX: The local market is set to rise after US stocks set new records after positive data and a new infrastructure package.

Wall St: The Nasdaq and the S&P 500 indexes have closed at record highs, with the Dow also jumping almost 1.0 per cent after US President Joe Biden embraced a bipartisan Senate infrastructure deal.

As massive fiscal stimulus helped the US economy grow at a 6.4 per cent annualised rate in the first quarter, investors have been banking on an infrastructure agreement that could steer the next leg of the recovery for the world's largest economy and fuel more stock gains.

Tensions escalate: Australia said it will ‘vigorously defend’ itself against China after China lodged a complaint with the WTO.

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Beijing launched a formal challenge against Australian tariffs on several Chinese products.

The Chinese government’s decision to take action through the World Trade Organization follows Australia’s own twin challenges against Beijing’s imposition of tariffs on Australian barley and wine.

Price swings: If you’re not a regular risk taker, investing in the wild, wild west of cryptocurrency can sometimes make you feel like a cowboy without a horse. But these experts told Yahoo Finance exactly how and why they’re willing to deal with it.

Spending spree: With tax time around the corner, it’s time to start thinking about the last minute purchases that you can claim back in your tax return.

From tools and work clothes to handbags and your next petrol refill, here is a list of some of the things the tax man will reimburse you this financial year.

Billion dollar surprise: A woman who went to withdraw $20 from an ATM was shocked to see nearly $1 billion sitting in her account.

While some might be delighted to see $999,985,855.94 ($A1,320,087,328) in their bank account, Julia Yonkowski told WFLA she was "horrified”.

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