ASX to fall as parents gain $500 per child
Good morning.
ASX: The local market is expected to take a tumble this morning despite Friday’s massive tech rally on Wall Street.
This comes after shares had their best day since October 2020 on Friday and gave brief respite for investors fearing the Reserve Bank would join the rate-rise movement of 2022.
Wall Street: US stocks surged into the close, reversing earlier losses on Friday as investors took in earnings results from some major tech companies and another hot print on inflation.
BTC: Bitcoin is hovering around the US$36,000 mark. This comes as new analysis found cryptocurrency scams boomed last year.
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Rates decision: Rising inflation and a sharp drop in the unemployment rate is expected to see the Reserve Bank of Australia recalibrate its thinking on the interest rate outlook when it holds its first board meeting of the year on Tuesday.
Financial markets are pricing in the risk of a rise in the cash rate from a record low 0.1 per cent by mid-year, while economists appear to be gravitating to the August board meeting.
Cash for kids: Parents in NSW will get a $500 voucher for each primary school child to help with before and after school care costs, as students head back to classrooms this week.
Parents will be able to apply for the vouchers through Service NSW from February 28, similar to the Dine and Discover program that was rolled out last year to stimulate the hospitality industry.
Jobs warning: Australia will lose hundreds of thousands of jobs, if it fails to make the changes required by our emissions-busting trading partners, a new report warns.
The independent Centre for Policy Development released detailed modelling on the impact of locked-in and likely commitments for net zero carbon emissions by 2050.
Maccas controversy: Australia's largest employer of young workers has been accused of denying them the paid breaks they’re entitled to, with separate legal action launched by two unions.
McDonald's Australia workers have accused the company of denying them paid 10-minute breaks they are entitled to take every four hours.
Misery loves company: Bondi might have the glamour, Byron the celebrities and Noosa the tranquility, but a tiny stretch of sand with a bloody past has beaten all three to be crowned Australia's best beach.
Misery Beach near Albany, WA, used to be stained red with the blood of slaughtered sperm whales, but since the closure of Australia's last whaling station 44 years ago it's become a safe haven for seals, whales and dolphins.
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