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ASX to open higher as inflation concerns hit the property market

·2-min read
Aerial view of a suburb and the ASX board.
Rising inflation around the world is causing a stir in the property market and the ASX is expected to start the day in the green (Source: Getty)

ASX: The local market is set to open today in the green after the ASX was rattled yesterday by the Reserve Bank’s interest rate decision.

Shares fell yesterday on the back of RBA governor Philip Lowe saying the central bank was not looking to hike rates anytime soon.

Wall St: US stocks reached fresh all-time highs overnight in another record-setting session.

Positive earnings results helped boost investor confidence with all US indices rising.

The Dow Jones and S&P 500 gained while the Nasdaq rose more modestly, weighed by a drop in Tesla (TSLA).

BTC: Bitcoin rallied overnight, as crypto mining companies outperformed other crypto-linked stocks, as the mining continues to be lucrative.

Property update: Inflation is rising across the world – including in the US, UK and New Zealand – and Australia is the latest country to join the chaos.

But how will this affect the Aussie property market? Michael Yardney explains in the video below.

  • Watch: Is higher inflation the end to low interest rates?

Facial recognition: Facebook has announced it is shutting down its facial recognition system, which automatically identifies users in photos and videos.

Facebook said the decision was made due to growing societal concerns about the use of that kind of technology.

Climate conference: Australian Prime Minister Scott Morrison has said Australia will play a global role in helping other countries reduce their emissions and better prepare for disasters, as he departs the COP26 climate talks in Glasgow.

But, not everyone sees it that way. Labor leader Anthony Albanese has slammed the Morrison Governments climate plan as a pre-election political deal.

Done deal: Australia has ratified a massive free trade deal with Asia-Pacific nations but insists the move does not change the Government's "grave concerns" about the political situation enveloping fellow signatory Myanmar.

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