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ASX down, rents soar and 5 other things to start your day

A composite image of the ASX board showing company price changes and a sign out the front of a property that indicates it has been rented out to someone.
The ASX is expected to fall this morning and new data points to the rental crisis getting worse. (Source: Getty)

ASX: The local share market is expected to fall this morning after US stocks slipped overnight.

Property pulse: ​​Competition for rentals remains fierce but sky-high rents have not yet triggered a rush into new home ownership or an influx of investment.

High demand and low supply pushed rents up 10 per cent in the major cities in the 12 months to December, according to new data from PropTrack.

Jobs: Another strong jobs report is anticipated from the final month of 2022, despite signs the jobs market reached capacity.

The December labour force report, due today, will follow several months of ultra-low unemployment. The unemployment rate was sitting at 3.4 per cent in November.

You’re fired: Speaking of jobs, Microsoft Corp said it would eliminate 10,000 jobs and take a $1.7 billion (US$1.2 billion) hit as the company braced for a potential recession.

The lay-off - far larger than cuts by Microsoft last year - will add to tens of thousands of job cuts across the technology sector that is long past its ceaseless growth during the pandemic.

Energy crisis: The Greens are pushing for an interim code of conduct to reel in energy providers who refuse to heed government calls to drive down gas prices.

The call comes as there are concerns over the prospect of big gas companies ripping off Aussies without enough regulation in place.

Paper shortage: The Construction Forestry Mining and Energy Union (CFMEU) is calling for an audit on the amount of white paper available in the country, after timber shortages blocked production at Australia's last white paper mill in Victoria.

The CFMEU flagged a potential shortfall in paper products, including doctor scripts, exercise books and government services documentation.

Mayday: Qantas engineers and aviation safety inspectors are set to examine a plane's jet engine to determine why it failed on an Auckland-Sydney flight, prompting a mayday call and emergency landing.

The pilot of Qantas Flight 144 - a Boeing 737 aircraft - shut down the engine and made the mayday call over the Pacific Ocean on Wednesday afternoon before landing safely at Sydney airport about 3.30pm.

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