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ASX to fall as transport costs rise over $400 a week

·2-min read
The ASX board showing price changes and heavy traffic build-up on Parramatta Road in Sydney.
The ASX is expected to fall at the open as weekly transport costs rise acorss the country. (Source: Getty)

Good morning.

ASX: The local market is expected to take a tumble at the open after Wall Street finished in the red on Friday.

This comes after inflation remained a chief concern last week, which saw the ASX lose 0.63 per cent over the week.

Wall Street: COVID-19 fears returned, with Wall Street falling on concerns about the resurgence of the virus around the world.

Friday's fall was caused by banking, energy and airline stocks slumping on fears that European countries, battling an increase of COVID-19 cases, could follow Austria in moving towards a full lockdown.

BTC: Bitcoin has started to regain its losses from last week after the massive crypto sell-off, which saw the sector lose $400 billion.

‘Not a fad’: It’s the politicians versus the Reserve Bank when it comes to cryptocurrency in Australia, following a warning from the RBA last week that the crypto boom wouldn't last forever.

Cryptos are "not a fad", Minister for the Digital Economy Jane Hume is expected to warn policymakers in a speech today.

In a speech at the AFR Super and Wealth Summit, Hume will say cryptocurrency is "an asset class that has captured hearts and minds".

Rising costs: Weekly transport costs for the average Aussie household have risen.

For those living in the city, household transport costs have risen past $400 a week for the first time.

Meanwhile, regional areas had also been hit, with the average household paying $367.63 per week.

Future of work: While COVID will no doubt permanently alter the way many people work, not all Australians seem sure how that will look.

A new study found 48 per cent of Australian digital workers wanted to return to the office full-time, while 42 per cent favoured a hybrid model.

Just one in 10 want to be exclusively remote.

Have a great day.

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