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ASX to rise as Albanese pushes for wage rise

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and Prime Minister Anthony Albanese.
The ASX is expected to rise this morning as Prime Minister Anthony Albanese pushes for a rise in the minimum wage. (Source: Getty)

ASX: The local market is expected to open in the green this morning after Wall Street rose overnight.

This comes after the Australian share market was lower across every sector except utilities and energy yesterday, with the latter gaining ground despite a drop in oil prices.

Wall Street: US stocks rose on Thursday in another volatile session after concerns over the economy and a weak outlook from Microsoft weighed on sentiment in morning trading.

Crypto crash: Regulators are telling US Congress the collapse of Terra's stablecoin project illustrates the need for more clarity from Capitol Hill.

In May, billions of dollars evaporated from TerraUSD, an "algorithmic stablecoin" that sought to peg its value to the US dollar using the reserves of a sister token known as LUNA.

Welcome back: The opening of international borders and the return of foreign tourists helped Australia extend a long run of monthly trade surpluses.

The trade surplus grew to a larger-than-expected $10.5 billion in April, from $9.7 billion in March.

Wages boost: The Federal Government will hand down its submission to the Fair Work Commission on Friday on a rise to the minimum wage.

Prime Minister Anthony Albanese made cost of living a key issue during the election campaign, publicly advocating for a rise to the minimum wage, which currently sits at $20.33 an hour.

Mortgage lending: The surprise jump in home lending in March could well prove the peak for borrowing as interest rates rise in a housing market already facing many other challenges.

The Australian Bureau of Statistics will today release housing finance figures for April, with experts predicting a fall in lending as fewer Aussies seek to enter the housing market.

Jubilee: Anthony Albanese has paid tribute to Queen Elizabeth II, saying she has been a good friend of Australia, as Platinum Jubilee commemorations begin.

In a speech marking the Queen's 70-year reign, the PM said the monarch was a show of stability throughout her many decades on the throne.

Love conquers all: “All you need is love," wrote John Lennon and Paul McCartney. And Wall Street is buying into this thematic stock play.

Investors are flooding into the dating app market, with love looking to be “recession proof”.

- With AAP

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