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ASX to rise as Tasmania named Australia's best state

·2-min read
A scenic view of Hobart in Tasmania and theASX board showing price changes.
The local market is expected to rise at the open and Tasmania was named the nation's best state (Source: Getty)

Good morning.

ASX: The local market is set to start off the week with a boost after a choppy week last week.

Wall St: US markets saw a mixed session on Friday with the S&P 500 and the Nasdaq both closing lower after disappointing quarterly reports, but the Dow managed to finish the session with a record closing high for the first time since August.

The US Federal Reserve chair Jerome Powell discussed tapering stimulus measures introduced to help support the economy during COVID-19.

Powell said the US central bank was "on track" to begin reducing its purchases of assets.

BTC: Bitcoin pulled back after hitting a new all time high last week. Meanwhile, Shiba Inu (SHIB), the self-proclaimed dogecoin killer, tapped lifetime highs.

Prices for the meme token have risen by nearly 50 per cent in the past 24 hours, extending the month-to-date gain to almost 500 per cent.

State of the States: Tasmania remains Australia's best performing state, a position it has held for nearly two years and one it doesn't look like giving up in a hurry.

In the CommSec quarterly State of States report, chief economist Craig James said there is little to separate other states and territories.

The rate debate: The Reserve Bank of Australia (RBA) is adamant the nation is not facing the same sort of inflation pressures being seen in other parts of the world which has prompted some central banks to start lifting interest rates.

However, Australian financial markets are not convinced the RBA's view will hold and are pricing in the risk of rising rates as early as next year, much earlier than the central bank is predicting.

CANBERRA, AUSTRALIA - FEBRUARY 05: Reserve Bank Governor Philip Lowe at the Standing Committee on Economics at Parliament House on February 05, 2021 in Canberra, Australia. In an address to the National Press Club earlier this week, Reserve Bank of Australia governor Philip Lowe indicated being in favour of a permanent rise in the dole, declaring it an issue of fairness while revealing the economy could need record low interest rates until the middle of the decade. (Photo by Sam Mooy/Getty Images)
Reserve Bank Governor Philip Lowe has maintained the cash rate will remain at its current level of 0.1 per cent for the time being (Source: Getty)

‘Kidvesting’: If parents thought homeschooling, refereeing squabbles and feeding everyone snacks 15 times a day was enough to get their kids through lockdown, they may have thought wrong.

A staggering 270,000 children under 12 across Australia are now estimated to have active share portfolios in their names, according to recent research by Finder.

Eat up: An intimate eatery in Melbourne's Mornington Peninsula has been named Australia's restaurant of the year, cementing the city's status as the nation's culinary capital despite several lockdowns.

Have a great day.

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