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ASX to rise, world leaders expected to ditch fossil fuel financing

·2-min read
Protesters gather at the COP26 climate conference and the ASX board
Trillions of dollars have been pledged to helping the world avoid a climate disaster (Source: Getty)

Good morning.

ASX: The local market is expected to rise at the open after a bumper session on Wall Street.

This comes after investors had their biggest day of buying in more than four weeks before the US Federal Reserve prepares to wind back economic stimulus.

Wall St: Major Wall Street indexes posted solid gains as the Fed said it would begin trimming its monthly bond purchases in November, as central banks around the world started to ease off stimulus funding.

The S&P 500 and Nasdaq notched record all-time closes for their fifth straight sessions, while the Dow Jones posted a record close for the fourth session in a row.

BTC: Bitcoin was mostly flat overnight, while Ethereum hit a record high of US$4,600.

Climate Conference: Banks, insurers and investors with $175 trillion at their disposal have pledged to put combating climate change at the centre of their work.

And two sources have said that at least 19 countries are expected to commit to ending public financing for fossil fuel projects abroad by the end of 2022.

Backpacker tax: Working holidaymakers to Australia could be entitled to a tax refund, with the High Court deeming the Government's backpacker levy discriminatory.

People on working holiday visas are required to pay a 15 per cent levy on income up to $37,000 under a controversial backpacker tax introduced in 2017.

British backpacker Catherine Addy on Wednesday succeeded in her High Court appeal against the Australian Taxation Office.

Retail data: Retail spending is expected to have taken a big hit during the coronavirus lockdowns, which will have been a major drag on economic growth during the September quarter.

Economists expect a massive 5 per cent drop in spending, when the ABS releases the figures today.

- With AAP

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