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ASX to rise as Aussies brace for first rate hike in 12 years

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The ASX board showing company price changes and Scott Morrison with a concerned look on his face.
The ASX is expected to rebound this morning despite growing concerns interest rates will go up next week. (Source: Getty)

ASX: The local market is expected to rise at the open after Wall Street had a positive session overnight.

This comes after the Australian share market fell for the third consecutive session yesterday, this time with tech stocks and financials the biggest drag.

Wall Street: US stocks rose on Wednesday to recover some losses, as concerns over inflation and global economic growth stirred up further volatility across risk assets.

Crypto: Central African Republic has adopted Bitcoin as an official currency, the presidency said, becoming the first country in Africa and only the second in the world to do so.

Despite rich reserves of gold and diamonds, Central African Republic is one of the world's poorest and least-developed countries and has been gripped by rebel violence for years.

Rate rises: Australians are bracing for the first interest rate hike in 12 years, as Labor and the Coalition clash on managing the economy.

It comes as three of the four big banks predict a rise in the cash rate by next week, following new data from the Australian Bureau of Statistics showing the annual inflation rate jumped 5.1 per cent.

Rent crisis: About 98 per cent of rental properties across the country are too expensive for workers on the minimum wage.

A new survey by Anglicare Australia of 45,992 rental listings shows the market is less affordable than ever, and all political parties need to act urgently.

Telstra refund: Telstra will fork out more than $2 million for overcharging more than 11,000 customers between 2018 and 2021.

After self-reporting the errors, an investigation found the nation's largest telecommunications company had ignored a 2020 directive to comply with billing accuracy obligations.

To the stars: SpaceX has launched four astronauts to the International Space Station for NASA, less than two days after completing a flight chartered by millionaires.

It's the first NASA crew comprised equally of men and women, including the first Black woman making a long-term spaceflight, Jessica Watkins.

Extinction threat: More than 20 per cent of reptile species around the world face extinction with the rate doubling in Australia over the past 25 years.

A study led by Monash University is the first comprehensive assessment of extinction risks for reptiles on the International Union for Conservation of Nature's threatened species list.

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