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ASX set to rise as experts predict 120,000 jobs gone

·2-min read
Empty streets of Sydney and the ASX board showing price movements.
The local market is set to open higher today but jobs numbers are exp[ected to reveal a further 120,000 jobs lost in September (Source: Getty)

Good morning.

ASX: The local market is expected to open in the green despite a choppy session in the US overnight.

Wall St: US markets were mixed as technology stocks boosted the Nasdaq, while losses in the banking sector dragged on the S&P 500 and Dow Jones.

Investors remained concerned about rising inflation after a US Labor Department report showed consumer prices increased solidly in September.

BTC: Bitcoin was up around 3 per cent this morning, keeping above the US$50,000 mark and continuing the recovery from the September sell-off.

Jobs: Eyes will be on the jobs figures set to be released by the Australian Bureau of Statistics (ABS) today.

While some economists are writing off the latest jobs figures as "ancient history" with COVID-19 restrictions already easing, they are expected to be a grim reminder of having half the population in lockdown.

Economists are forecasting a further loss of 120,000 jobs in the month following the hefty 146,300 tumble in August.

Climate war: Big business, unions and conservation groups have joined forces in championing the economic benefits of a net-zero economy.

The push came as Prime Minister Scott Morrison held discussions with cabinet colleagues yesterday to discuss a plan to deliver net-zero emissions by 2050, while at the same time boosting jobs and keeping a lid on power prices.

NSW reopening: New South Wales is on track to hit the next milestone vaccination target by as early as this weekend.

NSW Premier Dominic Perrottet is set to discuss the reopening roadmap with colleagues today as the state approaches the 80 per cent double-dose vaccination target.

The government has promised the next stage of the post-lockdown reopening will start the Monday after the state reaches 80 per cent full vaccination among its eligible population.

Shatner in space: Actor William Shatner has soared aboard a Blue Origin rocketship on a suborbital trip to become the oldest person ever in space.

The 90-year-old former Star Trek actor said the experience of being on billionaire Jeff Bezos’ second ever passenger space flight was “profound”.

Have a great day.

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