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ASX to fall as Australia expected to lose $2 billion in trade

·Personal Finance Editor
·2-min read
The ASX board showing price changes and ships carrying iron ore to trade.
The ASX is expected to fall at the open as economists await trade figures. (Source: Getty)

Good morning.

ASX: The local market is expected to retreat at the open as global markets try to make sense of the potential impact of the Omicron COVID variant.

This comes after the market staged a comeback yesterday. Shares fell sharply on coronovarius concerns, but a bumper session for financials and materials improved and helped trim overall losses to minor damage.

Wall St: The S&P 500 and the Nasdaq jumped more than 1 per cent when US markets opened but pulled back to finish in the red after the US reported its first confirmed Omicron case.

BTC: Bitcoin pulled back overnight as Ethereum started outpacing the original cryptocurrency.

Ethereum has had a boost thanks to the booming NFT market and metaverse projects.

Trade concerns: A slide in the iron ore price is expected to have weighed on Australia's trade position in October.

The Australian Bureau of Statistics will release the trade balance for October today.

Economists expect the surplus will narrow to $10.8 billion in October from $12.2 billion in September and a record $14.7 billion in August.

500,000: That’s how many Aussie kids are facing a life of poverty.

Australia has made no progress in a commitment it made six years ago to halve the number of people living in poverty by 2030.

New research has found that unless urgent action is taken, between 280,000 to 550,000 young Australians born in the next decade face a future of poverty.

Wage theft: Dishonest and systemic underpayment of wages and the shocking treatment of some workers during the pandemic has been revealed in a South Australian parliamentary inquiry.

The inquiry uncovered ‘slavery-like’ practises, including women being forced to work in bikinis, workers forced to repay employers for being sponsored to come to SA and others being threatened if they reported underpayment of wages.

Living around the globe: Paris has lost its title as the most expensive city in the world to live, while Sydney doesn’t even make the top 10.

Can you guess which city did take out the top spot?

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