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ASX to fall as jobless rate expected to hold steady

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and people walking in the Sydney CBD.
The ASX is expected to slip at the open as investors wait for the release of the latest unemployment data. (Source: Getty)

ASX: The local market is expected to slip at the open today after US stocks finished lower overnight.

This comes after the ASX rose for a third straight day, hitting a fresh 10-week high yesterday.

Wall Street: US stocks finished lower across the board on Wednesday, with tech dragging markets lower as recent momentum stalled out.

A meme stock rally that had broken out in recent days fizzled, with shares of Bed, Bath & Beyond the only riser amid this resurgent theme in markets.

Data drop: Australia’s unemployment rate is expected to remain steady - or even fall further - as demand for labour remains strong, when the Australian Bureau of Statistics releases its latest labour force data.

In June, the jobless rate fell to 3.5 per cent - the lowest rate in 48 years.

Off the hook: Australia's highest court ruled Google was not legally responsible for defamatory news articles as it was not the publisher of such content.

A majority of High Court justices found Google was not the publisher of a defamatory article by The Age about a Victorian lawyer, as it was a search engine that only provided hyperlinks to news stories.

Investor concerns: The Australian Government must ensure the emerging hydrogen industry does not drive up national greenhouse gas emissions, investors warned.

Supported by taxpayer subsidies, Australian companies are developing hydrogen as a potential alternative fuel because it does not contribute to global warming when combusted.

Teacher shortage: Paying teachers more as they progressed up the ladder would keep them from walking away from what had become a “lonely profession of freelancers”, a NSW parliamentary inquiry was told.

An upper house committee is investigating how to combat the shrinking supply of school teachers, a problem felt across the country that has now drawn the Federal Government's focus.

Train strike: The boss of the NSW rail union said it would be "a miracle" if the state government headed off planned strike action next week by putting in writing a pledge to fix safety issues on a new train fleet.

The union and the NSW government are locked in a years-long industrial stalemate over the Korean-built intercity trains because of safety concerns.

COVID changes: Having sustainability front of mind may be part of the new normal many Australians are living following the onset of the pandemic, research has found.

The lockdowns that confined millions of people to their homes and close communities caused many to make more considered day-to-day choices, the University of Queensland research suggested.

  • With AAP

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