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ASX to slide as 121 Aussies sanctioned by Russia

·Personal Finance Editor
·2-min read
The ASX board showing prices going down and the Russian flag behind barbed wire.
The ASX is expected to fall this morning as Russia announced more sanctions on Aussies. (Source: Getty)

ASX: The local market is expected to open in the red this morning after Wall Street extended losses overnight.

This comes after the Australian share market was unable to sustain early gains yesterday, closing lower for its fifth consecutive day after the US Federal Reserve enacted a supersized interest rate hike.

Wall Street: US stocks sank on Thursday as investors weighed the potential economic costs of the Federal Reserve's ongoing fight with inflation.

Crypto: Not everyone lost when it came to the ‘Crypto Winter’ - short-sellers have been cashing in.

So far this year, traders who bet against crypto stocks have raked in around US$4 billion, new data has found.

Russia sanctions: The Russian government has sanctioned a further 121 Australian citizens, including business people, army officials and journalists.

Russia's Foreign Ministry said the move to bar entry to the Aussies was in response to Australian government sanctions against Russian individuals.

Out of business: The number of Australians who fell into insolvency last month increased amid the rising cost of living and rising interest rates.

Formal personal insolvencies in Australia rose from 700 in April to 751 in May, according to monthly data from the Australian Financial Security Authority.

Environment funding: Close to $33 million will be spent conserving rare plant and animal species on the World-Heritage-listed Lord Howe Island off the NSW coast.

Additionally, the NSW government will commit $180 million to marine management, which will see funding of projects for multiple coastal communities overcoming recent natural disasters.

EV revolution: Italian luxury sports car maker Ferrari made its first car back in 1947, and now the company is evolving beyond the petrol engine.

CEO Benedetto Vigna outlined Ferrari's 2022-2026 strategic plan and transition to an electric vehicle future, targeting 80 per cent of sales by 2030 to be battery electric.

Revlon: The 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy protection in the United States, weighed down by debt load, disruptions to its supply chain network and surging costs.

- With AAP

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