The Opening Bell || What Is The Big Boost To Australia’s COVID-19 Vaccination Program?

• Australia’s vaccination program, COVID-19 vaccine maker Moderna has announced a deal last night to supply 25 million doses to Australia, 10 million of which would be delivered this year.

• In the budget, the Australian government announced an unspecified amount of funding to help create immediate, large-scale manufacturing of messenger RNA drugs in the country.

• Australian shares are set to dip low after stronger-than-expected U.S. inflation data set off further selling of growth stocks on Wall Street amid prospects of tighter monetary policy.

• Tech sector rout is evident during the opening hours. Zip Co, Xero and Afterpay are trading in red territory. On Wednesday, the Australian market witnessed a second consecutive session of a hefty fall of over 1 per cent.

• US stocks slumped, and benchmark Treasury yields jumped after data revealed consumer prices increased by the most in almost 12 years in April 2021. 

• The WTI crude surged by 1.2 per cent to US$66.08 a barrel, the highest close since 11 March.

• The US dollar index rose sharply from the lower level and was up by 0.62 per cent to 90.68.

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