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ASX to rise as Albanese confident Australia will avoid recession

·Personal Finance Editor
·2-min read
The ASX board and Prime Minister Anthony Albanese.
The ASX is expected to rise this morning as Albanese backs the Australian economy. (Source: Getty)

ASX: The local market is expected to open higher this morning with no lead from the US overnight as Wall Street remained closed for the Juneteenth public holiday.

This comes after the Australian share market continued its decline yesterday, as investors remained wary of quicker-than-expected rate increases by central banks around the world.

Crypto: Last year, cryptocurrencies gave retail investors the chance to secure wealth at what seemed to many as a once-in-a-lifetime money-making opportunity.

Now as the tide is pulling out for crypto, investors are rethinking their trust in some crypto firms after the companies took drastic steps in the face of a sell-off.

Energy crisis: Prime Minister Anthony Albanese said he was feeling confident the energy shortfall was over.

However, an energy market blueprint - that would pay generators to guarantee electricity supply - has come under fire.

Recession: Albanese remains confident Australia will be able to avoid a recession, despite economic headwinds.

In the wake of rising inflation levels and increasing interest rates, the Prime Minister said the country would still be able to avoid downturns.

Grim outlook: Reserve Bank (RBA) governor Philip Lowe is expected to prepare Australians for an environment of high inflation and rising interest rates when he addresses a forum in Sydney today.

The RBA will also release the minutes of its June board meeting, which may provide a further insight as to why the cash rate was raised by 50 basis points - the biggest rise since February 2000 - rather than the expected 25 basis points.

NSW Budget: The NSW Treasurer will hand down his first budget today, the last before next year's state election.

Matt Kean said the Budget would focus on families and setting NSW up for a brighter, more successful future.

Big fish: Cambodian villagers on the Mekong River caught what researchers said was the world's biggest freshwater fish ever recorded - a stingray that weighed in at 300kg and took about a dozen men to haul to shore.

The four-metre female was released back into the river after being electronically tagged to allow scientists to monitor her movement and behaviour.

- With AAP

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