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ASX to rise as Elon Musk to buy Twitter, again

The ASX board showing company price changes and Tesla CEO Elon Musk.
The ASX is expected to rise as Elon Musk plans to go ahead with Twitter deal. (Source: Getty)

ASX: The local market is expected to rise this morning after US stocks saw a positive session overnight.

This comes after the ASX enjoyed its best gains in more than two years after the Reserve Bank slowed its rate hike campaign to assess the economic fallout.

Wall Street: US stocks charged sharply higher on Tuesday as Wall Street built on momentum from a broad market rally that began in the previous trading session.

Rate slowdown: The surprise slowdown in the pace of rate hikes will offer some relief for mortgage holders, with the central bank now likely to stick to smaller increases.

The 0.25 percentage point lift was the sixth rate hike in a row and brought the cash rate to 2.6 per cent.

Energy prices: Australians have been overcharged $10 billion by electricity networks making "supernormal" profits from consumers forced to use their poles and wires, data found.

Consumers have paid substantially higher bills in the eastern states for eight years because of flaws in the regulation of prices charged for access to transmission, the Institute for Energy Economics and Financial Analysis said.

Education: Academic results in Australian schools for foundational skills such as reading, writing and numeracy have been flat for more than a decade despite increased education spending, the Productivity Commission said.

The report said employment rates for university and skilled training graduates have fallen over the same period as employer satisfaction with the quality of students seeking work decreased.

Homelessness: The number of homeless women over 55 is expected to double in less than a decade, with new analysis showing far more are experiencing homelessness than originally thought.

Progressive think tank Per Capita found that without meaningful intervention more than 15,000 older women will become homeless by 2031.

Hospital crisis: Emergency medical experts will be quizzed about bottlenecks at NSW public hospitals and widespread ramping of ambulances, as hospitals remain under extreme stress after more than two years battling the COVID-19 pandemic.

Twitter deal: Tesla CEO Elon Musk has agreed to move forward with his $67 billion (US$44 billion) deal to buy Twitter, Bloomberg reported, citing unnamed sources familiar with the matter.

Musk confidentially filed a letter seeking to proceed with the deal in a US court just days before Musk was expected to be deposed as part of Twitter's lawsuit seeking to force him to buy the company.

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