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ASX to slip as oil hits highest price since Omicron outbreak

·Personal Finance Editor
·2-min read
An oil rig in the ocean at sunset and the ASX board showing company price changes.
The ASX is expected to slip this morning after inflation concerns hit US stocks and oil prices. (Source Getty)

Good morning.

ASX: The local market is expected to have a subdued start after Wall Street digested new inflation data.

This comes after a bumper session yesterday where energy and technology shares were the best performers as the ASX almost recovered losses from earlier in the week.

Wall Street: US stocks rose on Wednesday as investors eyed a new report on inflation, which showed another decades-high rate of price increases across the recovering economy.

This comes a day after remarks from Federal Reserve chair Jerome Powell reasserting that the central bank would step in as needed to rein in rising prices.

BTC: Bitcoin was sitting steady overnight as mining operations in Kazakhstan were interrupted by power shortages and political unrest.

Find out more in the video below.

Oil prices: ​​Oil prices reached their highest point since the Omicron outbreak on expectations fuel demand would continue to strengthen as the US Fed was seen raising interest rates more slowly than expected.

‘Too little, too late’: Workers who lodge an unpaid superannuation complaint with the Australian Tax Office wait eight months on average for their case to be closed, and it’s a lag the Government needs to address, politicians and super experts have warned.

Uniform approach: A plan on how students can safely return to schools amid rising COVID-19 cases will be thrashed out by leaders when the national cabinet meets today.

Leaders will also hear from Treasury officials on the economic reasons to keep schools open.

Sunny profit: Three brothers - 10-year-old Viktor, Leo (12) and Christian (14) - were determined to make some pocket money this summer by selling sunflowers at their family's cherry orchard in NSW’s central west.

The three boys have made around $5,000 so far, with plans to put half in savings and half towards things their parents won’t buy them.

Don’t cry: Cooks will be able to buy "tearless" onions for the first time when they go on sale in the UK from next week.

The Sunion onion is perfect for those with sensitive eyes as well as for cooking in the kitchen with children, supermarket chain Waitrose said.

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