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ASX to fall as sports stars secure major pay rise

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and the AFL and AFLW CEOs posing with AFLW players.
The ASX is expected to sink at the open and AFLW players are set to get a pay rise. (Source: Getty)

ASX: The local market is expected to open lower this morning after a sell-off on Wall Street overnight.

This comes after the Australian stock market gave up the past three days of gains, as consumer stocks were hit hard in yesterday's session.

Wall Street: US stocks fell deeper into the red on Thursday after markets failed to claw back from their worst day since June 2020.

The declines extend a recent sell-off in equities, ignited by worries the Federal Reserve's interest rate hikes to rein in persistent levels of inflation may spur an economic slowdown.

Crypto: Meta (FB) CEO Mark Zuckerberg is betting the future of his social media empire on the metaverse.

Zuckerberg said he believed the sector would be worth US$3 trillion in the future. So far, however, all he has to show for it is billions in expenses and a plummeting stock price.

Federal election: The Coalition and the Opposition are leaving nothing to chance on the final day of the federal election campaign, as a new poll shows Labor could win government.

Scott Morrison and Anthony Albanese will begin today on opposite sides of the country in a last dash to win over voters ahead of Saturday's election.

Oil and gas: Australia's fossil fuel industry says it has a ‘right’ to fight for its future as $120 billion in projects sit in the pipeline.

Australian Petroleum Production and Exploration Association board chair Ian Davies has sounded a rallying cry to the industry saying its products are “essential to everyday life” and “crucial for the economy".

BHP deal: Woodside shareholders have overwhelmingly approved the company's $41 billion merger with BHP's petroleum business, which will now take place in less than a fortnight.

Nearly all (98.6 per cent) of shareholders approved the blockbuster deal, which will transform Woodside, from a company mostly focused on LNG production off the coast of WA, to a global player with assets on four continents.

Pay rise: AFLW players have had their pay almost doubled under a new one-year collective bargaining agreement.

Top-tier players will be paid $71,935, while the minimum AFLW wage will increase from $20,239 to $39,184.

Ukraine crisis: The G7 has agreed to provide Ukraine with $26.1 billion to pay its bills, funds that Ukraine's prime minister Denys Shmyhal said would speed up its victory over Russia.

Shmyhal said the money was just as important as "the weapons you provide".

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