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ASX to fall as jobless rate expected to rise

·2-min read
People cross a busy street in the Sydney CBD and the ASX board showing company price changes.
The unemployment rate is expected to rise today as economicsts predict it will take some time for the figures to reflect an economic bounceback. (Source: Getty)

Good morning.

ASX: The local market is expected to open in the red after a weak lead from Wall Street overnight.

This comes after investors continued to shy away from the ASX yesterday as some wondered whether rising inflation could finally be followed by wage increases.

Wall St: US markets took a tumble overnight as a surge in US consumer prices last month deepened fears high inflation was here to stay amid supply chain snarls.

BTC: Bitcoin is sitting flat this morning around US$67,000.

Jobs: Aussies are awaiting the November jobless figures set to be released today.

Economists are forecasting the unemployment rate to rise, with expectations it will take a few months for the jobs market to get back into full swing.

The Australian Bureau of Statistics will release its labour force report for October, which will cover the first two weeks of the month and capture the initial stages of NSW's departure from lockdown.

SYDNEY, AUSTRALIA - OCTOBER 16: People gather at the Opera Bar as hospitality re-opens on October 16, 2021 in Sydney, Australia. COVID-19 restrictions eased across NSW on Monday 11 October for fully vaccinated residents after the state passed its 70 per cent double vaccination target. Under the state government's Reopening NSW Roadmap, hospitality, retail stores, gyms and hairdressers can reopen, along with indoor entertainment venues, cinemas, theatres, museums and galleries. Restrictions will ease further in NSW once the state reaches its next vaccination milestone of 80 per cent of people having received two doses of a COVID-19 vaccine. (Photo by Brook Mitchell/Getty Images)
People gather at the Opera Bar as Sydneysiders celebrated new freedoms back in October (Source: Getty)

Ferrari fraud: A bank teller behind bars over a $2.25 million fraud says her then-boyfriend was the one who raised the potential of accessing the victim's millions.

Crown prosecutors allege the purchase of a $650,000 Ferrari partly motivated Junchi Ma's involvement in the misappropriation of a Commonwealth Bank customer's funds in 2015.

Breach alert: A judge has found tech company GetSwift and directors including ex-AFL player Joel Macdonald breached corporate law multiple times when the former "market darling" was listed on the Australian Stock Exchange.

Electric incentives: NSW Treasurer Matt Kean has warned that Australia risks becoming the "dumping ground" for the cars the rest of the world doesn't want, as he announced new financial incentives to encourage take-up of electric cars.

The NSW government will spend $105 million on incentives for rideshare companies and other car fleet operators to buy electric cars in an attempt to build a market for the more environmentally friendly product.

Have a great day.

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