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ASX to rise at the open as Facebook rebrands

·2-min read
The ASX board showing price changes and the new logo at 1 Hacker Way showing the Facebook rebrand to Meta.
The ASX board showing price changes and the new logo at 1 Hacker Way showing the Facebook rebrand to Meta.

ASX: The local market is set to open in the green this morning after a less-than-ideal session yesterday.

Investors lost most of their gains from the week as the ASX stalled on concerns rate hikes could come sooner than planned.

Wall St: Wall Street's main indexes rose after some upbeat quarterly earnings helped investors shrug off data that showed US economic growth slowed sharply in the third quarter.

The S&P 500 and Nasdaq saw record closing levels, thanks partly to gains by Apple and Amazon.

BTC: Bitcoin has rebounded after taking a tumble earlier in the week. The crypto has been seeing some volatility recently after the launch of the Bitcoin Futures ETF in the US.

Facebook rebrand: A rose by any other name … Facebook CEO Mark Zuckerberg has announced the company’s rebrand to ‘Meta’.

The new name will help the company align itself with the metaverse, a vision for a virtual reality future.

‘Broken’: French President Emmanuel Macron has told Scott Morrison the trust has been broken, after Australia pulled out of the two countries’ submarine deal.

France accused its allies of stabbing it in the back after Australia opted for nuclear-powered submarines to be built with US and British technology instead of a $90 billion French diesel-electric submarine program.

Climate talks begin: Meanwhile, Mr Morrison has jetted off to join talks at the Glasgow climate summit.

However, Australia's stance on methane emissions is likely to see it isolated from other nations.

Retail impacts: Coronavirus lockdowns in NSW, Victoria and the ACT are expected to have landed heavy blows on retailers.

Economists' forecasts point to a 5 per cent slump in retail spending for the September quarter when the Australian Bureau of Statistics releases its figures today, wiping out the modest 0.8 per cent gain in the previous quarter.

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