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ASX to rise as wage growth expected to be half the rate of inflation

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and a person removing $100 from a wallet.
The ASX is expected to rise this morning as economists turn towards wages data to be released today. (Source: Getty)

ASX: The local market is expected to get a boost at the open after Wall Street closed higher thanks to a tech rally.

This comes after the Australian share market closed modestly higher yesterday, stringing together its first three-day winning streak in four weeks.

Wall Street: US stocks pushed higher on Tuesday, buoyed by a rally in tech shares, as all three indexes clawed back from intense selling last week.

Investors were spurred by worries around persistent levels of inflation and the prospect of an economic slowdown.

Crypto: Investing platform Robinhood is launching a new standalone “Web 3.0” cryptocurrency wallet that will pay blockchain network transaction fees for its customers without holding customer assets in custody.

This is what it all means.

Wages: The Australian Bureau of Statistics will release wage price data for the March quarter today with economists expecting the annual rate to be 2.5 per cent.

This would be around half the rate of inflation - which was sitting at 5.1 per cent for the March quarter.

Cost of living: More Australians are struggling to afford housing, food, and basic medical care, as new research shows more Aussies are living below the poverty line.

The Salvation Army said it had seen a significant uptick in the number of people reaching out for help in the past 12 months, given burgeoning inflation pressures, the rising cost of living, and economic stress because of the COVID-19 pandemic.

Federal election: Aussies will head to the polls this weekend to elect the next leader of the country.

Cost of living, wages, affordable housing and jobs have dominated the campaign. Here are the key promises from each party ahead of the federal election.

Maccas in trouble: A lawsuit has been filed in the US against McDonald’s and Wendy’s by a customer who claims the two fast food chains are falsely advertising the size of their beef patties and sandwich toppings.

Twitter sale: Tesla CEO Elon Musk said the deal to buy Twitter was on hold because of the number of bots and fake accounts on the platform.

But some analysts think the billionaire is just looking for a scapegoat so he can walk away from the US$44 billion deal or negotiate a lower price.

Alternative therapy: MDMA could one day be prescribed as part of an effective mental health treatment plan.

CSIRO researchers in Australia and international scientists are studying psychedelics, such as MDMA and psilocybin (derived from certain species of mushrooms), to see if they can help people suffering from depression, anxiety, addiction and post-traumatic stress disorder.

- With AAP

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