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ASX to fall as Aussie economy expected to shrink

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and people walking in the Sydney CBD.
The ASX is expected to drop today ahead of GDP figures being released. (Source: Getty)

ASX: The local market is expected to fall this morning after Wall Street dipped overnight.

This comes after the Australian share market snapped its two-day winning streak with losses across the board, as it closed out its worst month since January.

Wall Street: US stocks capped a turbulent month to close lower overnight after a rally late last week failed to sustain momentum.

Crypto: The crypto market has rebounded since its crash earlier this month, and investors sticking with the asset class are rotating back into Bitcoin (BTC-USD) and other major cryptocurrencies like Ethereum (ETH-USD) and Cardano (ADA-USD).

Energy crisis: There's no short-term solution to the pain of rising power bills for households already dealing with broader cost-of-living spikes, according to the Federal Government.

Power retailers have been warning bills will rise from July, in line with higher prices in wholesale energy markets.

Economy: Australia likely suffered an economic slowdown in the first few months of the year after the robust finish to 2021.

The impact of the COVID-19 Omicron variant and the floods along the east coast of Australia are expected to have dampened activity in the March quarter.

GDP data is set to be released today.

Strike action: NSW public service workers are threatening to go on strike unless the state government gives them a pay rise.

The demands from the Public Service Association (PSA) come on the back of industrial action and strikes from unions representing nurses, teachers, public transport staff and other government employees, all of whom have sought a pay rise.

Banned: Single-use plastic shopping bags have been banned in NSW ahead of further changes to eliminate other plastics later this year.

The ban came into effect today after laws passed Parliament in November. Retailers who continue to provide the bags could face a fine of up to $275,000.

DeLorean: The movie Back to the Future made then-defunct automaker DeLorean Motor Company and its "gull-wing" sports car a pop culture icon.

Now the automaker is back and trying to renew that status with some electric buzz of its own.

- With AAP

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