1. Our market is expected to rise today
Omicron fears and a poor US jobs report hit US stocks, especially tech stocks, but our share market is expected to rise today. Wall Street expected 573,000 jobs but only 210,000 showed up, which should have said the US economy was slowing but unemployment fell from 4.5% to 4.2% and the participation rate rose. This was seen as a dodgy jobs report, which comes as the growing view on the Omicron variant is that it’s more transmissible but less dangerous. That’s good for people, the economy and stock prices.

2. Morrison government to perform balancing act with federal budget
Finance Minister Simon Birmingham says that the Morrison government will be walking a tightrope as its fiscal strategy moves to budget repair from the pandemic. After next year’s election, the Coalition will move to pay down Australia’s debt and deficit while also pushing the economy forward, with Birmingham suggesting “Labor does not have the discipline required to walk the tightrope and would increase taxes, jeopardise growth, risk the AAA credit rating and induce a ‘vicious spiral of higher debt costs’, ” the AFR reports.

3. Will Woolworths buy Priceline?
Two big brands could soon be co-owned with Woolworths trying to buy Priceline for $870 million. But regulators could kill the takeover deal. Supermarket giant Woolworths’ surprised the stock market with its $870 million takeover bid for API (which owns Priceline) but the SMH says Woolworths could face obstacles from the Australian Consumer and Competition Commission (ACCC) and the Pharmacy Guild. Pharmacists are loved by consumers and have a lot of political might, especially in a 2022 election year.

4. Yes, Bitcoin is volatile!
Those who have ventured into Bitcoin recently discovered over the weekend just how volatile this investment can be. Over the weekend, Bitcoin fell from $US56,740 to $US44,800 and was 9% lower than the previous week. But it did rebound to $49,600 later in the day. Why the ups and downs? That US bad jobs report, Omicron, high inflation in the US and the reality that cryptocurrencies attract pump and dump speculators. While cryptocurrencies are for the brave or the foolhardy, they’re probably here forever.

5. Futures and global market outlook
ASX futures up 11 points or 0.2% to 7260 with the AUD -1.3% to 70.01 US cents. On Wall St: Dow -0.2% S&P 500 -0.8% Nasdaq -1.9% with tech stocks feeling the heat: Tesla -6.4% Microsoft -2% NYSE Fang -3.6% Netflix -2.3%. In Europe: Stoxx 50 -0.7% FTSE -0.1% CAC -0.4% DAX -0.6%. Bitcoin (BTC) is currently hovering below $70,000.