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ASX to rise as 30,000 workers go on strike

·Personal Finance Editor
·2-min read
NSW Premier Dominic Perrottet and the ASX board showing company price changes.
The ASX is expected to rise this morning as thousands of workers plan to strike outside NSW Parliament. (Source: Getty)

ASX: The local market is expected to open higher this morning after US markets saw a late rally overnight.

This comes after the local share market tumbled to a two-and-a-half-week low after the Reserve Bank (RBA) shocked markets with a larger-than-expected hike in the cash rate.

Wall Street: US stocks charged forward to close a turbulent session higher overnight after investors shook off a profit warning from Target that weighed on broader markets in earlier trading.

Crypto: Two US senators have released long-awaited legislation to regulate cryptocurrencies.

This comes as calls for new rules to protect investors reached a fever pitch following the run on stablecoin TerraUSD and its sister token Luna that sent shockwaves through crypto markets.

‘Stagflation’ warning: The World Bank said the global economy faced the risk of dreaded ‘stagflation’, with the combination of high inflation and low growth tipping some countries into recession.

“The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,” World Bank president David Malpass said.

Rate hike: Treasurer Jim Chalmers said the big spike in interest rates would come as difficult news for households already facing the increased cost of living and low wages.

The RBA raised the cash rate by 50 basis points to 0.85 per cent at its monthly board meeting yesterday, larger than most economists had expected.

Strike action: Thousands of NSW public service workers are on strike after a promised pay rise failed to satisfy unions.

About 30,000 Public Service Association members, ranging from prison officers to school support staff, are striking for 24 hours and will rally outside NSW Parliament today.

Crisis meetings: Australia's energy ministers have been urged to find solutions to the nation's soaring prices and to calm the "chaos".

Chris Bowen, who has taken on the energy portfolio in the new Albanese Government, will today convene a videolink roundtable with his state and territory counterparts as east coast gas prices surge.

TikTok dating: Following the rise of TikTok, Lolly CEO Marc Baghadjian is looking to revolutionise online dating and compete with long-time industry leaders Match, Tinder, and Bumble.

The new app will combine social media and dating into one video-driven feed.

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