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ASX to fall as pay rise closer for millions of workers

The ASX board showing prices in the red and Australian currency.
The ASX is expected to open in the red today as gig workers await a decision on minimum wage. (Source: Getty)

ASX: The local market is expected to open lower this morning after a sluggish session on Wall Street overnight.

This comes after the Australian share market snapped a four-day winning streak to end almost 1 per cent lower yesterday.

Wall Street: US stocks finished Wednesday's session mixed with none of the major averages logging changes larger than 0.3 per cent.

Crypto: Bitcoin was one of the biggest losers overnight, struggling to stay above US$20,000.

This comes as a new report offered some insight into how major crypto-trading firms became over-exposed earlier this month, adding to the vast falls seen across the crypto market.

NATO: China has been branded a threat by NATO, which described the country’s policies as a "challenge" to the interests, security and values of the alliance.

This comes as Prime Minister Anthony Albanese said Australia had been economically coerced by China.

Rates: May’s interest rate rise - the first in more than a decade - is expected to have taken the edge off borrowing by both households and businesses.

The Reserve Bank of Australia will release credit figures for May today, data which calculates the accumulation of debt in different parts of the economy such as housing, business or personal finance.

Minimum wage: Gig-economy workers could soon have minimum standards enforced by the wages umpire, under a proposal by the Federal Government.

The Government said it would look to extend the powers of the Fair Work Commission to set rates of minimum pay for workers in areas such as ride-share or food-delivery services.

Industrial action: Thousands of NSW public and Catholic schools are striking for 24 hours while industrial action by rail workers is affecting the frequency of Sydney’s train services.

Teachers will descend on Sydney's CBD today, angry at a NSW Budget that offered no more than a 3 cent pay rise this year, with the possibility of 3.5 per cent the following year.

Hot mess: Consumer advocates are warning Australians to be wary of dud electric heaters this winter, as many fail safety tests.

A CHOICE review of 15 electric heaters found six weren't up to their standards.

Drug problem: ​​Australians use more ice than people in parts of Europe and Asia, with the drug's highly addictive quality driving demand and consumption, even during pandemic lockdowns, new data shows.

- With AAP

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