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ASX to fall as worker ‘passports’ to be introduced

·2-min read
The ASX board showing company price changes and people walking in the Sydney CBD.
The ASX is expected to slide this morning following the US lower. (Source: Getty)

ASX: The local market is expected to slide at the open following in the footsteps of Wall Street overnight.

This comes after the Australian share market sunk to a near-two-month low yesterday, as last week's rollercoaster ride shows no signs of slowing.

Wall Street: US stocks slid on Monday, extending last week's losses, as investors looked ahead to more data this week on inflation to gauge the strength of the economy as the Federal Reserve continued to tighten monetary policy.

Crypto: Bitcoin hit its lowest point since July last year on Monday evening, following a rout over the weekend that saw investors take $305 billion out of cryptocurrencies and other digital assets.

Confidence: Australians were already rattled by ballooning cost-of-living pressures, but now they also have to contend with rising interest rates putting further pressure on household budgets.

The weekly ANZ-Roy Morgan consumer confidence index - a guide to future retail spending - will capture the full impact of the Reserve Bank of Australia's first interest rate rise when it is released today.

Worker passport: A new technology-skills passport - which would store information about a worker's experience and education in a bid to help employers get them into work - would be created under a re-elected Morrison government.

The Coalition will announce $5 million to create the scheme in an election pledge later today.

NT Budget: The Northern Territory is likely to have slipped further into the red, as Chief Minister Michael Gunner prepares to deliver his third Budget as Treasurer.

The Top End's last Budget revealed a $1.35 billion deficit, with net debt of $9 billion, in 2021/22, the equivalent to 122 per cent of revenue.

Twitter takeover: Elon Musk has big dreams for the popular social media platform but much of his vision revolves around freedom of speech.

But this push has renewed the issue of whether First Amendment speech protections have any application to private forums that use the public internet to elevate and hide third-party statements.

Future of streaming: Netflix investors are still reeling after the tech-heavy Nasdaq posted its worst month ever in April.

The stock — once a big winner from the pandemic — is down roughly 75 per cent from its November peak, and its once US$300 billion market cap now sits south of US$80 billion.

This is what happened.

- With AAP

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