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ASX to slip as soft drink tax considered

·2-min read
ASX board showing company price changes and bottles of Coca-Cola stacked in a fridge.
The ASX is expected to open in the red this morning as there are fresh calls to impose a sugar tax. (Source: Getty/Reuters)

ASX: The local market is expected to open in the red this morning following a fall on Wall Street overnight.

This comes after the ASX suffered its third losing session in a row, but the damage ended up being not nearly as severe as it had been in early trading.

Wall Street: US stocks were mixed at the end of a choppy session on Tuesday, as markets struggled to recover from a sharp sell-off that sent all three major indices to their lowest levels this year to start the week.

Crypto: NFT sales are on pace to surpass last year’s total soon, but the monthly declines since the start of 2022 are troubling for the once-blistering market.

Total sales hit US$37 billion as of the first week of May, according to a report from blockchain analysis firm Chainalysis, compared with US$40 billion for all of 2021.

Minimum wage: Anthony Albanese gave emphatic support for a rise in the minimum wage to keep up with increasing inflation levels.

The Opposition Leader said it was "untenable" for people to face stagnant wages as the cost of living increased.

Sugar tax: A tax on soft drinks might be the only way to stop Australians drinking nearly 2.5 billion litres of fizzy drinks a year, health authorities said.

A group of prominent public health bodies wants the next federal government to introduce a 20 per cent levy to drive consumption down by about 31 per cent over four years.

Strike action: Lecturers, lab assistants and librarians will stop work at Sydney University for the next two days over better pay and conditions.

The 48-hour industrial action means classes won't be taught and research won't be conducted, as frustrated staff negotiate with university management over a new enterprise agreement.

Out of business: Credit agency CreditorWatch has warned business insolvencies will rise across 2022.

The agency warned looming inflationary pressures, rising interest rates, negative real wage growth, labour shortages, supply chain disruptions and high fuel prices will dampen positive growth.

Investment: Business investment is expected to pick up as firms play catch-up after disruptions caused by the COVID-19 pandemic, although there are still many risks that may hamper the outlook.

Trumped: Tesla chief executive Elon Musk said he would reverse Twitter's ban on former US president Donald Trump.

Musk, who has called himself a "free speech absolutist," recently agreed to a $64 billion (US$44 billion) deal to acquire the social media platform.

- With AAP

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