ASX up amid worsening China crisis, all eyes on border reopening

China crisis continues, now also with an power shortage warning. Source: Getty

Good morning.

Here's what you need to know about finance markets for today.

ASX: The Australian share market looks set to edge higher this morning. According to the latest SPI futures, the ASX 200 is expected to open the day 2 points higher this morning.

Wall Street: It was a a subdued end to the week on Wall Street, which saw the Dow Jones rise 0.1 per cent, the S&P 500 climb 0.15 per cent, and the Nasdaq trade flat.

AUD: The Australian dollar is trading at 0.7257 to the US dollar as at 6.30am this morning.

Evergrande: Mega Chinese property developer Evergrande continues to implode. The Chinese and Australian economies are inextricably linked and Beijing’s latest fallout could prove to have a profound impact on Australia. Here's why.

China crisis: China may be diving head first into a power supply shock that could hit Asia’s largest economy hard just as the Evergrande crisis sends shockwaves through its financial system. The crackdown on power consumption is being driven by rising demand for electricity and surging coal and gas prices as well as strict targets from Beijing to cut emissions.

Crypto ban: China's most powerful regulators have intensified a crackdown on cryptocurrencies, with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major rivals and pressuring crypto and blockchain-related stocks.

International borders: International travel is high on the agenda for many Australians, but there is a lot we do not know about how it will work, prompting calls from passengers and the aviation industry for clarity from the federal government.

Vaccine certificates: Soon, NSW will become the first state or territory to begin a new era in which the fully vaccinated are able to go to pubs, cafes and other venues, while the unvaccinated will be stopped at the door. But the vaccine certificates raise complex questions: Who will police their implementation? What happens if a business doesn't check the certificate? And what happens if a customer challenges them?

Underperforming funds: More than one million superannuation account holders will receive notice from their funds saying they have underperformed. New requirements will force 13 super funds to write to 1.1 million members today, urging them to switch where they invest their savings. The notice comes after the funds were found by the financial regulator to have failed key performance tests.

Have a great day.

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