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ASX to fall at the open, eyes turn to key inflation data

·2-min read
A man removes $100 notes from a wallet and the ASX board showing price movements.
Key inflation data is set to be released today, with economists' forcasting a rise of 0.8 per cent (Source: Getty)

ASX: The local market is expected to open in the red, despite gains made on Wall Street overnight.

This comes after Crown Resorts shares skyrocketed yesterday after the company retained its Melbourne casino licence when a royal commission report recommended measures to prevent organised crime other than cancelling the licence.

Wall St: Stocks extended gains to set fresh record highs overnight as investors took in another hefty set of earnings and economic data.

All three major US equity indexes moved higher. The S&P 500 and Dow Jones each set all-time intraday highs, and the Nasdaq Composite also rose, coming within 1 per cent of its own record high.

Pedestrians pass the New York Stock Exchange as it operates during normal business hours in the Financial District, Wednesday, Oct. 13, 2021, in the Manhattan borough of New York.  Stocks are off to a mixed start on Wall Street Friday, Oct. 22. The S&P 500, which notched a record high a day earlier, is still on track for its third weekly gain in a row.   (AP Photo/John Minchillo)
Wall Street has been boosted by a wash of positive earnings results (Source: Getty)

BTC: Bitcoin has pulled back again. The cryptocurrency has had a choppy week since the first BItcoin ETF was launched in the US.

Inflation: Eyes will be on the Australian Bureau of Statistics today in anticipation of key inflation data.

Economists' forecasts point to a 0.8 per cent rise in the quarter, driven by rising prices for petrol, food, household furnishings, alcohol and tobacco.

While this would see the annual rate ease to 3.1 per cent compared with the 3.8 per cent in the June quarter, it would still remain at the top end of the RBA's 2-3 per cent inflation target.

Property update: What lies ahead for the Australian property market? Check out our video below from property expert Michael Yardney.

Wine dispute: The World Trade Organisation (WTO) has set up a dispute-settlement panel to examine anti-dumping duties imposed by China on Australian wine.

Trade Minister Dan Tehan and Agriculture Minister David Littleproud said in response that Australia would continue to use the WTO dispute-settlement system to "vigorously defend" the interests of Australian wine producers and exporters.

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