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ASX to slip as RBA prepares to calm inflation fears

·2-min read
The ASX board showing price movements and RBA Governor Philip Lowe.
RBA governor Philip Lowe is expected to calm inflation concerns today. (Source: Getty)

Good morning.

ASX: The local market is expected to slide at the open after Wall Street wobbled overnight.

This comes after shares had a modest improvement to start the week yesterday, boosted by better-than-expected economic data from China.

Wall Street: US stocks managed to finish in the red after a positive start to the session.

Tesla stock continued to tumble after CEO Elon Musk offloaded $3.5 billion in shares thanks to a Twitter poll.

BTC: Bitcoin has fallen after having a brief bounce over the weekend. The cryptocurrency was sitting just below US$64,000 overnight.

Inflation woes: Reserve Bank of Australia (RBA) governor Philip Lowe will get the opportunity to calm fears of an inflation outbreak in a lunchtime address to economists today.

Financial markets have been jittery for some months about the inflation outlook, fuelled by rising oil prices and supply-chain disruptions as the global economy recovers from the impact of the COVID-19 pandemic.

Clean energy: Indigenous communities are demanding a seat at the table to ensure Australia's renewables boom works for them.

Warumungu traditional owner Norman Jupurrurla Frank is part of a network working to ensure projects secure Indigenous jobs and respect native title.

Giving back: if you’re looking to give back this holiday season, two of the nation's biggest charities are desperate for volunteers to staff their thrift shops, which are reopening as COVID-19 restrictions ease.

The Red Cross and the St Vincent De Paul Society lost many of their elderly volunteers as the pandemic took hold and lockdown lasted for months.

Many of the Red Cross and St Vincent De Paul workers were elderly people who were unable to continue volunteering during the pandemic due to being in a higher risk category.

Have a great day.

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