1. Victorian officials expected to announce lockdown extension

An extension to the seven-day lockdown in Victoria that is currently due to expire on Thursday night is expected to be announced later today. KPMG modelling highlighted by The Australian has put the cost of lockdowns in the state at more than $125 million per day.

2. China's ban on Australian coal could last for years

The ban on Australian coal being imported into China first announced in January could be set to drag on for longer than initially expected according to Goldman Sachs. "The base case for most companies now is that the China import ban on Australian coal may last for years," said Goldman Sachs analyst Paul Young.

3. Oil prices surge as OPEC+ sticks to production increase plan

Brent crude rose above $70 a barrel for the first time since March and West Texas Intermediate crude rose to its highest level in over two years after the member nations of OPEC+ reconfirmed their plan to gradually increase oil production through to July. The group has not announced a plan for production beyond July, and will next meet on July 1.

4. West Virginia pulls out the big guns for COVID-19 vaccine lottery

After officials in US states including New York and Ohio launched lotteries for those who have received a COVID-19 vaccine with prizes including US$1 million ($1.29 million) and full-ride college scholarships, the state of West Virginia has announced it will be giving aways guns in addition to cash and scholarships. Five custom hunting rifles and five custom hunting shotguns will be up for grabs for those who have received at least one dose of the vaccine.

5. Mixed trading day on Wall Street

The Dow Jones rose by 45.86 points or 0.13% to 34,575.31 on Tuesday after markets in the US were closed for Memorial Day on Monday. The S&P 500 moved down 2.07 points or 0.05% to 4,202.04, while the Nasdaq dipped 12.26 points or 0.09% to 13,736.48. CNBC noted that, for the month of May, the Dow Jones was up 1.93% and the S&P 500 was up 0.55%, their fourth consecutive months of rises, while the Nasdaq broke its six-month streak with a fall of 1.53% for the month.