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ASX to lift while Aussie beer consumption plummets

·2-min read
A person serves four freshly poured beers from behind the bar of a pub while wearing a face mask and the ASX board showing company prices changes in the corner.
The ASX is expected to riuse at the open. Meanwhile, pubs are being hit by lower beer consumption. (Source: Getty)

Good morning.

ASX: The local market is expected to open higher this morning after last week’s volatility.

Shares had their biggest loss in more than a week on Friday as a US tech crash spilled over into the Australian market.

Wall Street: US stocks ended mixed on Friday at the end of a choppy week, with investors monitoring a mixed set of bank earnings and a bigger-than-expected drop in US retail sales.

BTC: Bitcoin dropped below US$40,000 for the first time in three months last week, stoking fears of uncontrolled volatility.

But some financial leaders are predicting Bitcoin will surpass US$75,000 before the end of the year.

Watch the video below for more.

Crack one open: Australians haven't been able to down a cold one at a pub during the coronavirus pandemic.

Australian Tax Office figures show that pubs and clubs sold 40 million fewer pints of beer between July and September last year than they did during the same period in 2019 and before COVID-19 hit.

Jobs prediction: The Australian unemployment rate is expected to return to a 13-year low of 4.5 per cent when December jobs figures are released on Thursday this week.

But economists expect the rapid spread of the COVID-19 Omicron variant is likely to put renewed pressure on the workforce in coming months.

Extra funding: Doctors and health groups have applauded the Morrison Government's decision to provide an additional $24 million in funding to assist the temporary widening of telehealth consultations at a time of high Omicron infections.

Positive outlook: Deloitte Access Economics economist Chris Richardson said Australia was "match fit" for fighting COVID, being well vaccinated and used to juggling lockdowns and other challenges thrown up by the coronavirus.

He also predicted Australian economic growth would remain above average in 2022, despite the challenges from the COVID-19 Omicron strain and a softer Chinese economy, its number one trading partner.

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