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ASX to rise as jobless rate to fall to lowest level in 50 years

The ASX board showing price changed and people cross a busy crossing in the Sydney CBD.
The ASX is expected to rise this morning ahead of official unemployment figures. (Source: Getty)

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

This comes after the ASX closed lower for the sixth session in the past seven as traders digested the possibility of a supersized US rate hike overnight.

Wall Street: US stocks jumped on Wednesday as investors considered the Federal Reserve's monetary policy decision.

The US central bank hiked interest rates 75 basis points - the biggest jump since 1994 - and suggested a similar move could take place next month.

Crypto: Bitcoin fell to a new 18-month low overnight, dragging down smaller tokens with it, as the recent tumble in crypto markets showed no sign of letting up.

Jobs: Continued strong demand for workers is expected to have forced the unemployment rate down even further in May, to its lowest level in almost 50 years.

Various gauges of job advertising show hundreds of thousands of jobs are up for grabs, but a lack of skilled workers - partly due to the closure of international borders during the pandemic - is leaving many unfilled.

Wages: The Fair Work Commission decided to lift the minimum wage ever so slightly more than the rate of inflation yesterday, but not all are happy about the lowest-paid getting more.

Australia's peak bodies representing hospitality and retail businesses have sounded the alarm that the increase could send them bust.

Shut down: An illegal gambling website that has taken tens of millions of Australians' dollars will be blocked after intervention from the communications watchdog.

The Australian Communications and Media Authority requested be banned by internet service providers, with data showing roughly 30,000 Australians visited the site each month.

Help wanted: Sydney Airport is set to hold a major event in a bid to recruit thousands of workers after worker shortages caused chaos and delays during recent holiday peaks.

The jobs fair will aim to secure up to 5,000 workers across a wide range of skill sets to work for Sydney Airport and dozens of its partners today.

Climate promise: Australia is set to submit more ambitious climate targets to the United Nations.

Prime Minister Anthony Albanese and Energy Minister Chris Bowen will formalise the Government's commitment to a 43 per cent emissions reduction by 2030.

- With AAP

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