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ASX to dip as Audi flags end of fuel car production

·2-min read
Audi cars lined up in front on an Audi building and the ASX board showing company price changes.
The ASX is exepcted to fall this morning as Audi joins the electric car revolution. (Source: Getty)

Good morning.

ASX: The local market is expected to dip at the open after Wall Street turned negative overnight.

This comes after the mining giants benefited from a higher iron ore price and helped the Australian share market be one of the best in the region yesterday with one day of the trading week remaining.

Wall Street: US stocks turned lower on Thursday as investors considered a fresh read on weekly unemployment claims and wholesale price inflation out of Washington.

Tech stocks underperformed and the Nasdaq dropped more than 1 per cent.

BTC: Would you consider moving for US$10,000 in Bitcoin? Northwest Arkansas hopes to lure remote tech workers and entrepreneurs to the region by offering them US$10,000 worth of Bitcoin (BTC-USD) and a bicycle.

‘Invest in love’: Goldman Sachs said investors should consider investing in dating apps like Bumble and Match Group.

Here are three reasons why the firm said the move just makes sense.

HIgher wages: A number of S&P 500 companies have reported that increasing wages costs are starting to affect their bottom line.

A combination of worker shortages and growing inflation has led to higher wages.

To offset the labor challenges, 85 per cent of the companies have said they will be increasing prices.

2033: That's when Audi said it would be 100 per cent electric. More electric vehicles were registered in 2021 than the past five years combined and now Audi has joined the likes of many to ditch fuel engines completely.

According to Audi of America president Daniel Weissland, the German automaker intends to have its last internal combustion-powered car roll off the assembly line by 2033.

Loan slow down: Demand for mortgages is expected to slow as Australia's housing price boom comes off the boil.

House prices rose by just 1 per cent in December, the slowest pace in almost a year, although over 2021 they were still up more than 20 per cent nationally.

Affordability constraints and rising fixed-mortgage interest rates are seen as reasons for this slowdown.

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