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ASX to open flat as IMF raises global growth forecasts

Jessica Yun
·2-min read
Business chart with glowing arrows and world map
The IMF has raised global growth forecasts. (Source: Getty)

Good morning.

Here’s Yahoo Finance’s Wednesday morning wrap:

ASX: The Australian share market will open flat today, following Wall Street’s lead which has been trading sideways.

Wall Street: At the time of writing, the S&P 500 was down 0.15 per cent; the Dow Jones down 0.07 per cent; and the Nasdaq also down 0.07 per cent. Yahoo Finance US stocks reporter Emily McCormick has more.

Global growth is looking more positive. The IMF has raised its projections for global growth, and is expecting to see “low levels” of COVID-19 across the world by the end of 2022. GDP is expected to grow 5.5 per cent in 2021, an upgrade from 5.2 per cent, but Australia’s forecast has remained unchanged.

Tasmania has remained Australia’s economically best-performing state. The ACT is at second place, with Victoria and South Australia in equal third. NSW has fallen to equal sixth position, with Western Australia, and is at its lowest point in eight years.

While Australia’s economy is showing a definite rebound, it doesn’t seem likely to shift the outlook for interest rates, with inflation to remain well below target. The ABS will later this morning release its latest Consumer Price Index (CPI) figures.

Immunise high-risk workers and old people first, not tourists, the World Health Organisation has said.

"In the current period of very limited vaccine supply, preferential vaccination of international travellers would counter the principle of equity," the WHO said in a document.

Makes sense to me. Here’s more on that.

Italy’s Prime Minister has resigned from the job. Here’s what’ll happen now.

Elon Musk could see a $9 billion windfall – and it all depends on Tesla’s quarterly report. Here’s more.

Have a great day.