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ASX to rise as report finds Australia could benefit from Ukraine crisis

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A man stands in the remains of his home in Ukraine after Russian bombing. The ASX board showing company price changes.
The ASX is expected to open higher this morning as an IMF report said Austraila could benefit from the Ukraine crisis. (Source: Getty)

ASX: The local market is expected to open higher this morning after a positive session in the US overnight.

This comes after solid energy and resources prices lifted Australia's commodity-tinged stock exchange in the first trading session after the Easter break.

Wall Street: US stocks rallied overnight, clawing back from a rough start to the week as investors assessed a deluge of earnings reports.

Crypto: Jack Mallers, founder and CEO of payments application Strike, believes Bitcoin can bring the first real change to the payments industry since the invention of the credit card.

This is what he had to say.

Netflix: The streaming giant has reported its first loss in subscribers ever with shares plummeting more than 20 per cent in after-hours trade.

Netflix has been dealing with a saturated North American market and its exit from Russia.

Global growth: The International Monetary Fund has slashed its global economic growth forecasts in response to Russia's invasion of Ukraine and the resulting supply chain disruptions and spike in inflation.

However, disruptions to Russian and Ukraine exports may be windfalls for other commodity exporters, like Australia.

Aussie confidence: Motorists have enjoyed a rapid decline in petrol prices in the past four weeks, aided by the Federal Government's temporary halving of fuel excise in last month's budget.

However, it is unclear whether this alone will lift confidence among Australians faced with rising prices elsewhere, the threat of higher interest rates and the uncertainties surrounding a federal election.

Tax the rich: A tycoon tax would end tax breaks for corporations profiting from Australian gas and spread the wealth among communities, under a Greens' plan.

The Greens have pledged to end the "brain-dead, trickle-down" taxation of oil and gas under past governments, if they win the balance of power at the May 21 election.

Gambling problem: Plans for a cashless gaming card in NSW could be ditched in favour of opt-in digital payments, which critics said won’t reduce gambling harm but allow criminals to continue laundering money.

Reforms proposed by Customer Service and Digital Minister Victor Dominello in 2020 would have required casual and problem gamblers alike to load funds onto a smart card.

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