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ASX to dive while rent prices go through the roof

·Personal Finance Editor
·2-min read
Aerial view of a suburb and the ASX board.
The local market is set to kick off the week in the red as rising rent prices put pressure on Aussie households. (Source: Getty)

Good morning.

ASX: The local market is expected to fall out of the gate at the open as the new COVID-19 Omicron variant troubles global markets.

​​Australian shares already recorded their biggest slide in nearly two months on Friday over concerns Omicron would affect global reopening prospects.

Wall St: US stocks closed lower on Friday, with the Dow and S&P 500 suffering their biggest one-day percentage drops in months.

Pandemic-hit sectors that were making a comeback as the country reopened fell sharply after the Omicron mutation was found.

BTC: Bitcoin is sitting flat this morning as global markets reel from the new virus variant.

Rents rise: Renters have seen the cost of keeping a roof over their heads skyrocket, making it harder to get ahead when wages have flatlined.

Labor's housing spokesman, Jason Clare, said rent was the biggest bill millions of Australians paid every week and many were struggling to keep up.

And it’s not just those in the city who are struggling. Rent inflation in the regions escalated 12.4 per cent in the year to August 2021, a new report from the University of New South Wales and the Australian Council of Social Service said.

What’s in a name?: Allegations that pop star Katy Perry is infringing on the trademark of a similarly named Sydney designer will be heard by the Federal Court this week.

Sydney-based designer Katie Jane Taylor - nee Katie Perry - is suing the American singer-songwriter over the sale of Katy Perry-branded clothing in Australia at concerts, in department stores and a range of online stores.

Snowed in: Staff at a pub cut off by snow are preparing a karaoke evening as they expect guests to be unable to escape for a third night.

On Friday, 61 people became trapped in the Tan Hill Inn in the Yorkshire Dales as a result of heavy snowfall during Storm Arwen, but some guests have claimed they "don't want to leave" after enjoying the 17th-century hotel's hospitality.

Have a great day.

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