Bitcoin Price Volatile After Reaching Record High, ASX Closes in the Red
The Australian share market took a hit today, following a drop on Wall Street due to concerns about upcoming jobs figures. The S&P/ASX 200 fell by 0.6% to 8,420 points at close, with most sectors ending in the red, except for utilities and education. Top movers included Bapcor, Bellevue Gold, and Nine Entertainment, while bottom movers included Iluka Resources and Zip Co.
It’s important to note that physically blocking access to a workplace is likely illegal, as it can breach common law or criminal law provisions such as trespass, public nuisance, criminal damage, or assault. While Woolworths has accused workers of holding a “metaphorical gun” at the company during a recent hearing.
Analysts at investment bank J.P. Morgan believe that the prospect of a rate cut in February is “firming,” based on the recent GDP data showing the economy running below potential. They expect the RBA to keep the cash rate steady next week but anticipate a potential rate cut in early 2025.
The Australian share market continued its losses today, down 0.6%, with Iluka Resources leading the losses after the government announced additional funding for the company’s rare earths refinery. This project is part of a government initiative to diversify the supply chain away from top producer China.
Lastly, a decision is expected to be delivered at 4:15 pm today in the Woolworths v United Workers Union hearing regarding picketing outside distribution hubs. This decision could set a precedent for future labor disputes.
