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ASX to fall as 2.6 million Aussies set for wage rise

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and a person removing $100 from a wallet.
The ASX is expected to extend losses this morning. (Source: Getty)

ASX: The local market is expected to fall again this morning after Wall Street suffered more losses overnight.

This comes after the local market had its worst day in two years and wiped $90 billion from the index.

Wall Street: US stocks ended mixed on Tuesday following a plunge that sent the S&P 500 into its first bear market since the height of the pandemic.

The S&P 500 ended lower by 0.4 per cent in a fifth consecutive session of losses, bringing the index down to 3,735.48.

Crypto: Cryptocurrency sell-offs continued overnight, with drawdowns waning after the sector’s “Black Monday” saw more than US$1 billion in crypto derivatives liquidated over a 24-hour period.

Rates outlook: Reserve Bank governor Philip Lowe has warned Australians to be prepared for higher interest rates, saying inflation must be brought under control.

Lowe said he was predicting inflation to rise to 7 per cent by year’s end.

He said it was not unreasonable to expect the cash rate could reach 2.5 per cent at some point, but said it will be driven by events.

Pay rise: More than 2.6 million Australians could be in for a wage rise today when the Fair Work Commission releases its annual decision on the minimum wage.

The Albanese Government has argued for a rise that ensures wages do not go backwards when compared to inflation, which sits at 5.1 per cent.

Energy crisis: Electricity supply on Australia's east coast is under major pressure, but a key power generator said everything was being done to keep the lights on.

Federal Energy Minister Chris Bowen said he was confident the east coast would avoid blackouts and load-shedding because of the swift action of regulators.

Renewables: Locals would find large-scale renewable energy projects more palatable if community funds and similar benefits were made formal, a new report said.

The report found community and neighbour tensions were a major sticking point for solar and turbine developments - but “benefit-sharing” arrangements could help.

Parental control: Concerned parents will now be able to check how much time their teenager spends scrolling on Instagram as the social media giant rolls out family-friendly tools and resources.

Meta's teen-friendly social media app has launched a series of supervision features overnight allowing parents to monitor their teenagers' social media activity.

Super massive: A black hole the size of 3 billion suns has been discovered by an international team of astrologers at the Australian National University.

It is the fastest-growing black hole of the past 9 billion years, according to lead researcher Christopher Onken.

- With AAP

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