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ASX to fall as Aussies prepare for interest rates to rise

·2-min read
The ASX board showing price movements and RBA Governor Philip Lowe.
The local market is expected to take a hit at the open as rising inflation has reignited interest rate rise discussions (Source: Getty)

Good morning.

ASX: The local market is expected to take a fall at the open after global markets were impacted by continually slowing growth in China.

Wall St: US stocks were hit overnight as economic growth in China slowed while a relentless surge in oil prices fuelled concerns about growing inflation.

The S&P 500 finished up slightly at 4,486.46, the Dow Jones was down 0.1 per cent to 35,258.61 and the Nasdaq finished the day at 15,021.81.

China data: Data showed China's economy hit its slowest pace of growth in a year in the third quarter, hurt by power shortages and wobbles in the property sector.

BTC: Bitcoin rallied overnight, up more than 2.85 per cent to break the US$60,000 mark and was sitting at US$61,394.36.

Interest rates: For the first time in many years there has been a material rise in inflation and not just in Australia, but all around the world.

That is one sign, according to Stephen Koukoulas, that Aussies may have to gear up for Australia’s record low interest rate to rise.

International borders: Plans to reopen Australia's internal and international borders are accelerating, with the country on the cusp of the 70 per cent double-vaccination target.

The Queensland government has announced its borders will open in time for Christmas regardless of whether the state has double-dosed 80 per cent of residents aged 16 and older.

Customer service: Do you think it takes longer to resolve an issue with your phone and internet provider? You’re not wrong.

Australian telcos are taking longer to resolve customer complaints, with most taking almost two weeks to complete, the communications watchdog has found.

Delivery strike: Delivery workers from three major courier companies are planning to strike on Thursday unless they can come to an agreement with their employers over pay and conditions.

Thousands of workers from StarTrack, FedEx and BevChain could walk off the job, after being locked in negotiations for more than six months.

Have a great day.

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