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ASX to fall as Anthony Albanese takes leadership

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and incoming Prime Minister Anthony Albanese.
The ASX is expected to fall at the open after a choppy session on Wall Street and Anthony Albanese has won the federal election. (Source: Getty)

ASX: The local market is expected to open lower this morning after a mixed finish on Wall Street on Friday.

This comes after the ASX rallied on Friday to snap a four-week losing streak, with nearly every sector in the green after China took measures to prop up its economy.

Wall Street: US stocks ended a volatile session little changed on Friday, but still logged steep weekly losses.

The S&P 500 posted its longest weekly losing streak since the dot-com bubble burst, as concerns over tighter monetary policy and the resilience of the economy and corporate profits in the face of inflation resurged.

Crypto: Goldman Sachs has calculated that the global market for the 200 largest cryptos has shed an astounding US$1 trillion in value from its peak late last year.

The sell-off has been labelled the “crypto-winter”.

Federal election: Anthony Albanese will be sworn in as Australia's 31st prime minister just hours ahead of a trip to Tokyo to meet with US president Joe Biden.

Meanwhile, Australia's trade union movement is looking forward to doing the "hard work" with the incoming prime minister on improving worker conditions.

And Australian business groups said the incoming Labor government must work quickly to ease the acute skills crisis, while coming up with practical measures to tackle rising cost pressures.

Additionally, the care sector wants the incoming Albanese government to do more to bolster the fight against COVID-19.

Provider Catholic Health Australia said its facilities needed support in meeting the extra costs of preventing virus infections, which are not reimbursed by the Commonwealth unless there is an outbreak.

Petrol prices: It hasn't taken long for the benefit of a cut in the fuel excise to be wiped out by stubbornly high global oil prices and a weaker Australian dollar impacting on imports.

Motorists are already forking out $2 per litre again, despite the halving of the excise for six months as part of a $8.6 billion cost-of-living package.

New record: A unicorn in the car collector world just went under the hammer, and sold for a record-breaking, $200 million (135 million euros).

This is the most expensive car in the world.

Funeral trends: Modern Aussies have little interest in traditional funerals - they're more for being farewelled at a beach or bowlo before being pressed into a jewel, rocketed into space in a firework or tattooed into someone's skin.

- With AAP

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