1. Wall Street spooked by US recession talk…
A month ago, Wall Street was worried about inflation and now it’s a recession with the belief that the US central bank will raise interest rates too high. This Friday the Yanks get their latest job numbers and if they are good it will spark inflation and more interest rate rises and if it’s bad reading, it will create recession headlines. Stock markets are currently locked into negativity and a huge circuit breaker is needed like the end to the Ukraine war.

2. There are no recession problems currently in Australia with our latest economic growth coming in at a stronger than expected 0.8%
The 0.8% growth figure for a March quarter that started with floods and omicron concerns and the Ukraine war which brought a huge spike in petrol prices, is a promising number. Our annual growth rate is an above-trend 3.3% but our new Labor Treasurer Jim Chalmers says the cost of living pressures could come back to bite the economy.

3. A new Labor Government isn't enough to save the current crash in lithium stocks
Lithium stocks used in batteries cratered yesterday on the local stock market after Goldman Sachs predicted a big price fall for the commodity. The stock Pilbrara Minerals fell 22% in a day and it was because said oversupply of the mineral will KO the price and so will an Argentinian Government crackdown on miners underquoting their sales to avoid tax!

4. Facebook (Meta) COO, Sheryl Sandberg steps down after 14 years
Meta Platforms Inc.’s Sheryl Sandberg, who became one of the most recognized figures in global business after helping Facebook transform from a startup into a multibillion-dollar advertising powerhouse, is stepping down as chief operating officer. (Bloomberg)

In an interview with Bloomberg, Sandberg called her time at Meta the “honor and privilege of a lifetime,” but joked that it’s also “not the most manageable job anyone has ever had.”

“It’s a decision I didn’t come to lightly, but it’s been 14 years,” she said on Wednesday. “I want to make more room to do more philanthropically, to do more with my foundation.”

Sandberg will remain on the board of the parent company.

5. ASX to follow Wall St downwards
ASX futures were down 58 points or 0.8% to 7178 near 7am AEST, with the AUD -0.1% to 71.77 US cents.

On Wall St: Dow -0.5% S&P 500 -0.8% Nasdaq -0.7%.

In Europe: Stoxx 50 -0.8% FTSE -1% CAC -0.8% DAX -0.3%.