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ASX to open higher, Morrison to reveal new climate policy

Eliza Bavin
·Personal Finance Editor
·2-min read
The ASX board showing company price movements and Prime Minister Scott Morrison.
The ASX is expected to rise for a second day as all eyes turn to ther Prime Minister to announce the nations new climate policy (Source: Getty)

Good morning.

ASX: The local market is set to rise for a second day after closing at its highest level since mid-September yesterday.

Wall St: US stocks moved higher overnight as investors awaited a slew of earnings results from the Big Tech companies, as well as a myriad of other corporations across industries this week.

The Dow Jones and S&P 500 set record intraday highs. The Nasdaq gained, and shares of Tesla (TSLA) rallied to an all-time high with a market capitalisation exceeding $1 trillion for the first time.

BTC: Bitcoin rose again overnight, last at around US$62,750, after last week's turbulent trade when it hit a new high of US67,016.

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Climate policy: Federal cabinet has signed off on "safeguard" reviews of the economic impact of the Government's 2050 net-zero emissions target on rural and regional communities, ahead of a global climate summit.

Prime Minister Scott Morrison, who will leave this week for the United National COP26 climate summit, said the Productivity Commission reviews will be conducted every five years.

Additionally, it has been revealed the Morrison government has spent nearly $13 million promoting its climate credentials to voters while refusing to release the modelling underpinning its plan to cut emissions.

Members of climate change activist movement Extinction Rebellion (XR) protest the Australian government's response to its ongoing bushfires emergency at a demonstration outside the Australian High Commission in London, England, on January 10, 2020. Wildfires have burned more than 12 million acres of Australian land since beginning in September last year, with the states of New South Wales and Victoria most severely affected, and with the fire season still far from over. Australian Prime Minister Scott Morrison is facing intense criticism over his handling of the crisis, including his decision to go on holiday to Hawaii last month and his government's refusal to break ties with the country's powerful coal lobby. Worsening climate change is expected to exacerbate the conditions around the world that cause such devastating fires to begin. (Photo by David Cliff/NurPhoto via Getty Images)
Australia's climate policy has been a sticking point for climate activists (Source: Getty) (NurPhoto via Getty Images)

Crown faces fate: Crown Casino in Victoria will find out whether it can keep its gambling license today.

The royal commission's lead lawyer told the inquiry Crown was not suitable to hold a licence for its Melbourne casino and cast doubt on the company's ability to properly reform its culture.

Facebook torn: Thousands of pages of internal Facebook documents provided to US Congress by a former employee revealed a conflicted company where data on the harms it causes is abundant, but solutions are halting at best.

Watch: Facebook whistleblower fronting Congress

Out of pocket: The cost of tolls on new roads is becoming unsustainable and could be increasing congestion on suburban streets, the NRMA told a NSW parliamentary inquiry.

NRMA policy and public affairs director Robert Giltinan said the "patchwork" of tolls that comprise the road network had created inefficiencies.

Have a great day.

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