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ASX down, Bitcoin bounces back, global markets on knife's edge

·1-min read
The Capitol Building, the ASX logo and the Evergrande Center
The fate of the world's markets now rest on the US debt ceiling row and Evergrande repaying its massive debt (Source: Getty)

Good morning.

ASX: The local market is set to fall at the open after a poor performance on Wall Street overnight.

This comes after the market's 11-month winning streak was cut short as US inflation concerns, a debt ceiling row and a slowing Chinese economy weighed on confidence.

The market bounced back yesterday from two consecutive days of losses, but the gains were not enough to change the monthly result.

Wall Street: All three major Wall Street indexes ended lower and posted their worst quarters in at least 12 months following a tumultuous month.

All eyes are watching Congress to see if the US Government can agree to raise the debt ceiling to avoid economic catastrophe.

Bitcoin: Bitcoin has recovered from the Chinese crackdown earlier this week, jumping almost 6 per cent overnight.

Evergrande saga: Fears the Chinese economy could collapse have been heightened as Evergrande missed its second offshore debt payment.

The property development company, known for being the most indebted in the world, has been scrambling to meet its obligations.

The company currently owes $423 billion.

Equal pay: A new proposal has been launched to require Aussie companies to take steps to reduce the gender pay gap and report publicly on their progress.

The Global Institute for Women's Leadership also called on the Federal Government to refuse contracts with companies that fall short of the standards.

Singles to suffer: Single Australians attempting to crack the housing market may face a tougher time if lending curbs kick in, property watchers have warned.

Soaring house prices and associated home loan values is something Treasurer Josh Frydenberg is watching.

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