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ASX to slide as Facebook pulls rug out from Australia

Lucy Dean
·2-min read
FILE - In this Wednesday, Oct. 23, 2019 file photo, Facebook CEO Mark Zuckerberg testifies before a House Financial Services Committee hearing on Capitol Hill in Washington on Facebook's impact on the financial services and housing sectors. Facebook CEO Mark Zuckerberg plans to throw his support behind international reforms that would require Silicon Valley tech giants to pay more tax in Europe. (AP Photo/Andrew Harnik, File)
FAcebook CEO Mark Zuckerberg. (AP Photo/Andrew Harnik, File)

Good morning.

Here’s the Yahoo Finance morning wrap for Thursday.

ASX: The ASX is expected to slide at the open this morning following a mixed lead from Wall Street overnight. Futures early this morning indicated a 0.5 per cent drop at the open.

The local share market finished lower on Wednesday as two prominent retail leaders warned of future weakness in the sector.

Wall Street: US markets had a varied day on Wednesday amid inflation concerns and technology losses.

The Dow Jones Industrial Average rose 0.29 per cent, to 31,613.02, the S&P 500 lost 0.03 per cent, to 3,931.33 and the Nasdaq Composite dropped 0.58 per cent, to 13,965.50.

Facebook: The tech giant has banned all Australian news content from its platform in a devastating move for publishers and the information landscape. Here’s what’s happened.

Scam: Have you ever wondered if your webcam is recording you? It’s highly unlikely that it is, but scammers are exploiting this worry with “sextortion” threats. This is what you need to know.

$14.7m fraud: Three men have been charged as an investigation into a major fraud in the NSW Illawarra region takes place. Police say the scam involved a real estate agent and two others who conspired to create fake documents to access home construction loans.

Jobs: The unemployment rate is tipped to fall to 6.5 per cent in today’s labour force figures, with 30,000 expected to have rejoined the workforce in January.

Bitcoin: The cryptocurrency has soared 6.3 per cent, taking it beyond $67,000 in a new record. It’s increased eight-fold since March 2020.

$645 million blunder: Citibank has lost its bid to reclaim $645 million it incorrectly sent to several groups after a New York judge decide the recipients were not obliged to pay back the money.

Workers take shelter: Millennial workers are sticking around in uninspiring jobs rather than attempting to advance their careers as the pandemic dampens aspirations and heightens fears, LinkedIn has found.

Dear Aussie Advisor: If you’re 61, not working with $570,000 in superannuation and $300,000 in the house, is it worth keeping your financial advisor? Our resident expert weighs in on just what an advisor offers and where you may not need one.

7 numbers: And if you don’t know these seven numbers, there’s a good chance you’re in the dark about some important areas of your financial profile.

Have a great day.

With AAP.

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