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ASX to slip as Australia prepares to take on China

·2-min read
The ASX board and Prime Minister Scott Morrison
The ASX is expected to fall at the open as Prime Minister Scott Morrison prepares to meet with leaders from the US, India and Japan to push back against China (Source: Getty)

Good morning.

ASX: The local market is set to fall at the open of today’s trade. Yesterday the market bounced back with big name Energy and Materials shares helping prop up the Aussie market to be among the top performing markets after a lacklustre Asian session.

Wall St: The S&P 500 has ended higher, snapping a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data.

While the Dow Jones Industrial Average advanced, market leading tech and tech-adjacent shares pulled the Nasdaq into the red.

RBA update: Reserve Bank governor Philip Lowe is due to speak today about the Delta variant, the economy and monetary policy.

It is rare for the RBA to give economic updates outside of the monthly board meeting, so investors and economists will be watching this closely.

Lowe has previously said he expects the economy will rebound by the end of the year but warned lockdowns associated with the Delta variant will see the unemployment rate rise over coming months.

Taking on China: Australian Prime Minister Scott Morrison, and the leaders from India and Japan, will meet with US President Joe Biden to discuss enhancing Indo-Pacific relations.

This will be the first in-person summit of leaders of the "Quad" countries, which have been seeking to enhance cooperation to push back against China's growing assertiveness.

For sale: Australia’s largest airport is set to sell to an infrastructure group after they upped their bid to $23.6 billion.

Sydney Airport is our only listed airport operator and the sale would be a long-term bet on the travel sector which has been battered by the pandemic.

Australia plans to gradually open its borders once 80% of adults are fully vaccinated, a milestone expected by the end of the year.

A successful takeover would be among the largest buyouts ever.

INVITE ONLY: Ever wondered how the insanely rich pay for multi-million dollar purchases? The answer is surprisingly simple and comes with a lot of perks. This is how the world's uber-rich live.

$500,000: That’s how much this woman risked to get her business off the ground. This is the story of Carey Furze and how she built a successful business by backing herself.

Have a great day.

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