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ASX to fall as 15,000 new homes set to be built each year

·2-min read
Aerial view of a suburb and the ASX board.
The ASX is expected to fall this morning after a weak lead from Wall Street. Meanwhile, a new proposal seeks to build 15,000 new homes every year. (Source: Getty)

Good morning.

ASX: The local market is expected to fall this morning following the lead of Wall Street.

This comes after the ASX was closed yesterday for the Australia Day public holiday.

Wall Street: US markets started strong but turned negative after the US Federal Reserve kept interest rates on hold.

Both the S&P 500 and the Nasdaq hit session highs before turning negative later in the session after Fed chair Jerome Powell’s speech.

Fed decision: While announcing rates would stay near zero, the Federal Reserve reiterated its commitment to withdrawing pandemic-era easy-money policies in the face of rapid price increases.

In its first policy-setting meeting of 2022, the Fed reiterated that US economic activity continued to strengthen despite the emergence of the Omicron variant of COVID-19.

BTC: Bitcoin was sitting around the US$35,000 mark overnight as investors consider how the crypto will perform this year.

Once heading towards the US$100k mark, some believe the crypto could now go as low as US$14,000.

Free housing: Almost 15,000 new homes could be provided each year for those who need housing and are struggling to access it.

The new plan, proposed by the National Affordable Housing Alliance (NAHA), is seeking to establish a $20 billion “future fund” to invest in affordable housing.

EV race: Ford has seen a strong start in the electric vehicle race with CEO Jim Farley telling Yahoo Finance Live he would like to reach electric vehicle capacity of 600,000 units over the next 22 months.

Big dreams: Maddy Avery knew she wanted to be a marketer by the time she was eight years old.

Twenty-four years later, Avery has more than achieved her dream, having launched $1 million marketing agency Birdcage Marketing and grown it to a team of 14 people.

However, in 2018, it nearly all fell apart.

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