Yahoo Finance ASX up, migrants return and 4 other things to start your day
ASX: The local share market is expected to rise this morning in the first session of 2023.
China uncertainty: It’s 2023 and COVID is still playing games with the global economy.
Treasurer Jim Chalmers fears the Omicron wave devastating China will have serious ramifications for the Aussie economy in 2023.
"Clearly, when the Chinese market and Chinese suppliers are such a substantial part of our own economy, people - not just business leaders, but economists and others - have their concerns about the impact of this COVID wave in China on our economy. I share those concerns," he said.
Property pulse: Australia's property downturn has picked up speed again but Melbourne is the only capital city getting close to erasing its entire pandemic upswing (17.3 per cent), after falling 8.3 per cent over the year.
Home prices plummeted another 1.1 per cent in December, CoreLogic data found, amounting to a 5.3 per cent total decline in 12 months.
Welcome back: Overseas migration is on track to return to pre-pandemic levels this year, which should help to plug some gaps in the workforce.
Government modelling shows numbers rebounding to about 235,000 people per year on average, with the rapid return of international students underpinning the recovery.
Investing: 2022 was a tough year for most equities, and investors will likely have to accept lower returns in 2023 - but Australia will still likely outperform its global peers, according to SG Hiscock portfolio manager Hamish Tadgell.
Tadgell said shares were reaching a "real pivotal change" after 30 years of declining interest rates driving markets.
Crypto: Speaking of a bad year for investors, crypto holders had a rough ride in 2022.
At the start of the year, the collective market cap of cryptocurrencies worldwide stood at US$2.2 trillion. As the year finished, that figure stood at just below US$800 billion.
The industry's euphoric highs of last year descended into a bear market of epic proportions, leaving many of the industry's major players in collapse. Or worse.
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