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ASX to fall as Jobs and Skills Summit kicks off

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and Prime Minister Anthony Albanese smiling.
The ASX is expected to fall this morning as Prime Minister Anthony Albanese prepares to kick off the Jobs and Skills Summit. (Source: Getty/Reuters)

ASX: The local market is poised to drop this morning after US stocks fell for a fourth straight session.

This comes after the ASX finished modestly lower yesterday, with the energy sector suffering its worst day in eight weeks, but the banks and tech stocks gained ground.

Wall Street: US stocks tumbled on Wednesday, as fears of more interest rate hikes continued to weigh on sentiment.

The drop came after fresh data continued to show resilience in the US economy after early fears about the economy falling into recession.

Jobs summit: The Prime Minister and state and territory leaders have agreed on a vision statement and guiding principles for a new national skills agreement ahead of the jobs summit.

The agreement is due to come into effect in 2024.

Meanwhile, women's economic opportunities are expected to be a key focus of the summit kicking off in Canberra today.

Equal opportunities and pay for women will be one of the first sessions of the highly anticipated two-day summit.

Lastly, A major business group and a key union body have called for the Commonwealth’s paid parental leave to be boosted from 18 weeks to 26 weeks.

In a joint statement, the Australian Council of Trade Unions and the Business Council of Australia also called for superannuation to be paid on parental leave and for incentives to encourage both parents to share the paid leave entitlement.

Property: Home values saw the sharpest monthly drop in almost four decades in August, with the downturn now spreading beyond the major cities.

The monthly decline marked the fourth fall in a row on the CoreLogic index, as the fallout from interest rate hikes continued.

Strikes: About 1,000 Northern Territory public sector workers are expected to take part in industrial action over an ongoing pay dispute with the government.

Teachers and correctional officers will walk off the job in Darwin and Alice Springs today, with support from firefighters, nurses, power and water workers and Indigenous health practitioners.

Meanwhile, nurses and midwives across NSW are preparing to walk off the job for 24 hours, while maintaining life-preserving care, and are calling for staffing guarantees.

Cashless card: The cashless debit card looks likely to be scrapped, after a parliamentary committee recommended the Senate vote to abolish the "harmful" scheme.

Tinder swindler: A Melbourne man who swindled more than $100,000 from women he met on dating apps continues to point the blame at his victims, a court has heard.

Christopher Alan Collins, 33, pleaded guilty to 24 charges, including financial-deception offences, fraud and theft.

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