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ASX to rise as inflation concerns weigh on Christmas

·2-min read
Shoppers on escalators in a Westfield shopping centre and the ASX board showing price movements.
Confidence data will be released today giving an indication of how much Aussies plan to spend on gift giving. (Source: Getty)

Good morning.

ASX: The local market is expected to open in the green today after the US indices had a bumper session overnight.

This comes after the local market was dragged lower yesterday by the spectre of more coronavirus lockdowns in Europe weighed on economic growth prospects.

Wall St: US markets got a boost overnight with the S&P 500 and the Nasdaq hitting record highs.

This came after President Joe Biden picked Federal Reserve chair Jerome Powell to lead the bank for a second term, keeping the status quo, with the central bank planning to wind down pandemic-era stimulus.

BTC: Bitcoin has struggled to break through the US$60,000 level as resistance remains strong. The cryptocurrency was down more than 5 per cent overnight.

This comes after El Salvadore announced it would be building a volcano-powered Bitcoin City.

Confidence is key: High petrol prices continue to gnaw away at household budgets, adding to concerns about the inflation outlook.

New confidence data, set to be released today, will give an indication of how wide people are prepared to open their wallets as we head into the holiday season.

Invasive impact: Invasive species in Australia are costing the country's agricultural industry about $6 billion a year, and that could rise without urgent attention, according to a new CSIRO report.

The report highlights the damage caused by invasive species over the past 60 years, costing the country $390 billion.

The search for secrets: Aussies have hit the high-seas to unlock the earth's secrets.

An Australian National University-led team will scale underwater mountains steeper than the Himalayas to collect data from the Earth's most violent earthquakes in research that may help predict whether tsunamis will hit Australia and New Zealand.

Have a great day.

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