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ASX to rise as parties’ big election spend revealed

·Personal Finance Editor
·3-min read
The ASX board showing company price changes and Scott Morrison and Anthony Albanese in mid-debate.
The ASX is expected to rise this morning as a new report reveals how much political parties spent on social media ads. (Source: Getty)

ASX: The local market is expected to lift at the open despite a fall on Wall Street overnight.

This comes after the Australian share market was unable to sustain its morning gains yesterday, closing in negative territory for the 10th time in the past 12 sessions.

Wall Street: US stocks were lower but largely unmoved on Wednesday, with none of the three major averages logging changes bigger than 0.2 per cent.

US Federal Reserve chair Jerome Powell said a recession in the US remained a "possibility" and said a soft landing would be "very challenging" to achieve.

Crypto: Before purchasing or investing in a cryptocurrency, investors must first consider how they would like to store and transact with their coins.

Crypto owners may either choose self-custody, where they act as their own bank, or entrust a third party to keep custody of their cryptocurrency until it’s ready to be used. This is how it works.

Energy crisis: The suspension of trading in the national energy market will be eased from today, after the market operator indicated there would be enough capacity for homes and businesses.

Confidence: The lowest unemployment rate in almost 50 years is helping Australian consumers cope with cost-of-living pressures, NAB’s consumer stress index has found.

The research showed stress related to job security eased further, to a four-year low of 41.4 points. But stress associated with cost of living jumped to 67 points, the highest since 2018.

Election spending: More than $12 million was spent by political parties on social media advertising in the lead-up to the federal election, a new report found.

Research from the Australia Institute found $12.5 million was spent to run almost 27,000 political ads on Facebook and Instagram in the two months leading up to the May 21 poll.

Telco fined, again: Lycamobile has been lashed by the industry regulator for its "ongoing disregard" of its obligations.

Lycamobile was fined $604,800 last year for failing to give information to a database used by police and emergency services.

It has now been hit with a further $186,480 penalty for having breached a court-enforceable undertaking to improve its practices.

Open for business: Gaming group Crown has been given the green light to finally open the casino in its luxury skyscraper overlooking Sydney Harbour.

But the approval by the NSW Independent Liquor & Gaming Authority for the members-only gaming facilities inside the upscale complex is conditional for up to two years.

Separate ways: Media mogul Rupert Murdoch and actress Jerry Hall are getting a divorce, the New York Times reports, citing two people familiar with the matter.

Murdoch married Hall in a low-key ceremony in central London in March 2016.

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