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ASX to fall as Australia given bleak rate hike warning

·Personal Finance Editor
·2-min read
OECD secretary general mathias Cormann and the ASX board showing company price changes.
The ASX is expected to drop today as the OECD downgraded its global growth forecast. (Source: Getty)

ASX: The local market is expected to fall at the open after US markets faltered overnight.

This comes after the Australian share market gained some ground yesterday, with a major sell-off in the banking sector outweighed by gains for the miners and oil producers.

Wall Street: US stocks dropped on Wednesday, with the S&P 500 and Dow giving back gains after rising for back-to-back sessions.

Crypto: The crypto industry was supportive of the new bipartisan legislation introduced this week to regulate crypto.

The bill represents the first concrete step towards regulating an industry that has recently been rocked by a stablecoin collapse and a downturn in the crypto markets.

OECD meeting: The war in Ukraine has made the growth outlook far more bleak, even though the global economy should avoid a bout of stagflation, the Organisation of Economic Cooperation and Development (OECD) said.

Additionally, Australia has been warned by the OECD that further aggressive interest rate increases may be needed to contain inflation, potentially leading to negative implications for the economy more generally.

Crisis talks: The Australian Energy Market Operator (AEMO) has been instructed to procure and store gas supplies, while regulators will be given more powers to ensure transparency in the sector.

Energy Minister Chris Bowen convened a roundtable of Australia's energy ministers, where they were briefed by the Australian Energy Regulator, AEMO, and the chair of the Energy Security Board.

Lettuce prices: ​​One of Australia's big lettuce producers expects prices for the in-demand vegetable to ease from next week.

John Said, the chief executive of vegetable producer and supplier Fresh Select, said the recent heavy rains had a huge impact on the market.

Just beachy: Australia's beaches have become less polluted as we get better at sorting through our rubbish, new research from the CSIRO suggests.

The results found, on average, there was 29 per cent less plastic on beaches than in 2013, when similar surveys were carried out.

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