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ASX LIVE: Australian shares to drop, global markets jolted by recession threat

ASX LIVE: Australian shares to drop, global markets jolted by recession threat

ASX LIVE: Australian shares to drop, global markets jolted by recession threat
Sep 25, 2022 1 min, 16 secs

The acquisition consolidates and expands Superloop’s managed Wi-Fi position into adjacent on-net broadband markets, the company said.

On a FY23 full-year pro forma basis, the acquisition will contribute approximately $4.6 million of EBITDA (before synergies).

The acquisition will be funded from Superloop’s existing cash reserves.

Mr Hallahan will support the transition plan to an interim CEO for a short handover period anticipated to conclude in mid-October, the company said in a statement.

It fell 1.8 per cent to US65.28¢ in New York trading over the weekend.

Australia’s sharemarket will open 1.25 per cent lower from Friday’s 6574.7 points close, according to ASX futures.

The S&P/ASX 200 shed 125.5 points or 1.87 per cent on Friday.

The local currency fell 1.8 per cent to US65.28¢ over the weekend as the US dollar surged ever higher.

The yield on the US 10-year note slipped 3 basis points to 3.68 per cent.

In contrast, the UK gilt 10-year note surged 33 basis points to 3.82 per cent as investors reacted to the new government’s financial plans.

ASX futures down 82 points or 1.25% to 6478

TD Securities chief economist Beata Caranci said she’s concerned that policymakers at the US Federal Reserve are going to overshoot on the policy rate

Caranci said it’s entirely possible that the policy rate could reach 4.75% within the first quarter of 2023, with a risk of pressing even higher that year

So it’s always possible that the ‘dots’ of the voting members represent a more tempered position on the speed of adjustment and the final resting place for the policy rate

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