ASX to rise as Budget expected to show $103 billion deficit

The local market is expecting a boost this morning as the Government prepares to give an update on the Budget this week. (Source: Getty)

Good morning.

ASX: The local market is expected to jump at the open after a rally from Wall Street over the weekend.

Wall Street: Wall Street advanced on Friday and the S&P 500 notched an all-time closing high, as investors digested an inflation reading that was in line with expectations, but also marked the largest annual increase in consumer prices in nearly four decades.

All three major US stock indexes advanced, with tech shares doing the heavy lifting.

BTC: Bitcoin made some gains over the weekend after a week of volatility.

Jobs: Aussies have been quitting their jobs in droves but seemingly not taking on new positions.

While COVID restrictions across the states and territories over the past year have resulted in a fluctuation in job ads, SEEK data indicates the overall trend has been one of steady increase nationally.

Applications, on the other hand, reached record lows in May and declined further to November.

Budget update: Treasurer Josh Frydenberg will hand down an update to the Federal Budget on Thursday this week.

Frydenberg is expected to reveal an improved budget position, coinciding with new figures that will likely show a drop in the unemployment rate.

A Deloitte economist is expecting a smaller budget deficit to the tune of $103 billion.

Fire damage: A new report has laid bare the billions of dollars worth of damage to Australian agriculture during the Black Summer bushfires.

The Fire on the Farm report estimates between $4 billion and $5 billion was lost in the blazes of 2019-20.

Carbon zero: Australia's NBN Co has announced a "Towards-Zero Carbon Ambition", with the company outlining a plan to use electricity exclusively from renewable sources by the end of 2025.

Watch out: With Christmas just around the corner, the scammers are honing their attention on how to target the kind-hearted, charity officials have warned.

The latest Scamwatch data reveals almost 700 reported cases of scammers posing as charitable organisations in just nine months.

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