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ASX to plunge as Aussies urged to conserve energy

·Personal Finance Editor
·2-min read
The ASX board with company price changes and an energy plant in Australia.
The ASX is expected to tank today as Aussies brace for potential power outages. (Source: Getty)

ASX: The local market is expected to dive at the open after a sell-off on Wall Street overnight.

This comes after the market was closed yesterday for the Queen’s Birthday public holiday.

Wall Street: US stocks sank into a bear market on Monday, with traders betting a fresh decades-high print on inflation would force the Federal Reserve to get even more aggressive than previously anticipated to help ease rising prices.

Crypto: NFT values are plunging alongside traditional crypto, with one expert saying this is just the latest development in the ongoing ‘crypto winter’ saga.

Energy woes: Households and businesses in NSW and Queensland remain on alert despite shortfalls in electricity supply easing overnight.

Power availability in both states was threatened on Monday after wholesale electricity prices spiked, triggering a $300 megawatt per hour price cap.

As a result, some generator companies pulled back from the market forcing the Australian Energy Market Operator to intervene.

NSW Budget: From pay rises to funding boosts, NSW Premier Dominic Perrottet has been splashing cash ahead of releasing the NSW Budget.

Here is everything that has been promised so far.

Stamp duty: Perrottet has also signalled his ambition to abolish stamp duty, calling it the "worst tax any state can have" and a barrier to first home buyers entering the market.

The proposed reform would give home buyers in NSW the choice to pay stamp duty or an annual property tax based on land value and usage.

Cure for cancer: In the 2007 blockbuster, I am Legend, an attempt to genetically engineer the measles virus into a cure for cancer touches off a zombie apocalypse.

An Aussie biotech is hoping it'll have more success with its attempt to turn a virus into a cancer fighter after its first patient was dosed in a Los Angeles hospital last month.

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