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ASX to slide as state considers rapid antigen test fines

·2-min read
Australian infringement notice and cash, image of hands holding rapid antigen test.
Rapid antigen test results will need to be reported under a plan the NSW government is considering. (Sources: Getty)

Good morning.

ASX: The ASX is expected to fall on Tuesday morning following a weak lead from Wall Street overnight. It comes after local markets also finished lower on Monday.

The benchmark S&P/ASX200 index closed down 6.2 points, or 0.08 per cent, to 7447.1 points.

The All Ordinaries index closed lower by 8.3 points, or 0.11 per cent, to 7766.1 points.

Wall Street: US markets struggled with a broad sell-off on Monday local time as Omicron fears and the spectre of rising interest rates dampened investor sentiment.

At time of writing, the Nasdaq was down 0.40 per cent at 14,880.40 while the S&P500 was down 0.49 per cent at 4,653.94 points. The Dow Jones was also down 0.74 per cent to 35,962.30 points.

Rapid test fines: NSW Premier Dominic Perrottet is reportedly considering mandating the reporting of positive rapid antigen test results, with penalties for failure to register at-home test results in the system.

Supply chain woes: National cabinet will consider new guidelines around transport and logistics workers as supermarkets across Australia become overwhelmed by panic buying.

However, according to Australian Fresh Alliance chief executive Michael Rogers, the decision to allow some close contacts to work has already helped the situation.

Painkiller shortage: Trying to buy some Panadol today? It’ll be a bit of a mission.

After deputy chief medical officer Michael Kidd suggested Australians stock up in case they get COVID-19, anxious shoppers cleared shelves. Here’s the story.

Semiconductor chips: It’s not just rapid antigen tests, paracetamol and fruit and vegetables - it’s a hard time to get a semiconductor chip as well.

The chips, used in thousands of devices, have been hit by a massive shortage after countries including Korea, Japan, Taiwan, Vietnam and Malaysia were overcome by Delta. Here’s what’s happening now.

Quit, and I’ll pay you thousands: An American CEO has taken the unusual step of offering workers US$5,000 to quit after the first two weeks. Here’s why he’s introduced the policy.

Have a great day, and stay safe.

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