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ASX to fall as China pushes to become cyber superpower

·2-min read
The ASX board showing prices changes and the Chinese flay flying out the front of a large building.
The local market it expected to open lower this morning as China makes moves to become the powerhouse of the cyber world. (Source: Getty)

ASX: The local market is poised for a slight fall at the open after Wall Street slipped overnight.

This comes after the local market was boosted yesterday by the nation's biggest mining companies.

Fortescue Metals shares surged almost 10 per cent as ASX investors bought iron ore miners on the prospect of stimulus for a slowing Chinese economy.

Wall Street: Wall Street's main index slipped overnight with the Nasdaq lagging the most as rising Treasury yields weighed on major technology stocks.

BTC: Bitcoin’s recent crash has made investors question its potential as a safe haven against stock market volatility.

Some were arguing that Bitcoin, and other cryptocurrencies, could act as a hedge against volatility that strikes other parts of the financial markets, but that is currently being tested.

Property update: Australia will reopen its international borders to more than 200,000 visa holders as it moves towards the final phase of the national reopening plan.

Michael Yardney discusses how this will affect the Aussie property market in the video below.

China’s cyber push: Countries without proper cyber regulations have been warned about engaging with China as the country pushes to position itself as a cyber superpower.

China is attempting to strengthen cooperation with other governments and companies to work on online regulation and set the rules, norms and values of the internet, the Australian Strategic Policy Institute has warned.

Meme stocks: Could this be the end of the ‘meme stock’ surge? Meme stocks including GameStop and Bed Bath & Beyond tumbled after investors bailed out of riskier assets in favour of value-oriented companies.

So-called ‘meme stocks’ are shares of a company that have gained a cult-like following online and through social media platforms like Reddit.

Oil surge: Why do petrol prices keep rising? That’s the question on everyone's lips. Despite global powers saying they will release extra oil from reserves, prices bounced 2.3 per cent overnight.

Higher demand with the reopening of borders and increased travel has meant more people need oil, and there currently isn’t enough to go around.

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