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ASX to fall as cost of living set to rise

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The ASX board showing coming price changes and a woman shopping for produce at a supermarket.
The ASX is expected to drop today as economists eagerly await inflation data. (Source: Getty)

ASX: The local market is expected to open lower after Wall Street fell overnight.

This comes after the Australian share market suffered its worst session in two months, with brutal losses for the major miners and oil producers as China's strict COVID policies weighed on commodity prices.

Wall Street: US stocks plummeted overnight, accelerating this month's sell-off on Wall Street as investors weighed a flurry of corporate reports against a backdrop of inflationary pressures and concerns over an economic slowdown.

Crypto: Fort Worth in Texas has become the first US city to mine Bitcoin in a new pilot program aimed at cultivating a more vibrant tech scene.

Bezos speaks: Elon Musk is buying Twitter for $61 billion (US$44 billion) but Jeff Bezos has questioned whether the move will give China more leverage on the platform.

China is Tesla’s second-biggest market and, despite having Twitter banned in its own country, is notoriously protective of its image online.

Inflation woes: Inflation figures due today could tip the balance for an interest rate rise as soon as next week, and put the cost of living centre stage on the campaign trail.

Higher mortgage payments will bite into household budgets, forcing Treasurer Josh Frydenberg onto the front foot on cost-of-living issues amid a tight federal election campaign where his own seat hangs in the balance.

Nuclear war: Russia has accused NATO of engaging in a proxy battle that created a serious risk of nuclear war, as Washington convened its allies at a German air base to pledge the heavy weapons Ukraine needed to achieve victory.

Russia’s Foreign Minister, Sergei Lavrov, was asked on state TV about the prospect of World War III, which he said was a “considerable” risk.

Tax dodgers: Just days after millions of Americans rushed to file their taxes, a new report has revealed just how adept many of the country's biggest companies remain at avoiding paying their own taxes.

Nineteen companies among the Fortune 100 paid a rate of less than 10 per cent on their profits and four of those companies even managed a negative rate.

Travel: As travellers emerge from the pandemic pause, ready to set their sights on distant destinations, many are now keeping the environment in mind when planning trips.

In fact, four in five travellers said sustainability was important to them, according to a new report from Booking that surveyed more than 30,000 travellers from 32 countries and territories.

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