Wall Street has suffered losses overnight, as worries that interest rates will stay higher for longer weigh on investors. Australian share might follow with muted trade.
Follow the day's financial news and insights from our specialist business reporters on our live blog.The union for finance sector workers has concerns about the way AI is being used and expects there could be thousands of job losses. "If some of the large banks were to replace their contact centre staff with AI, that would cost thousands of jobs across Australia," Finance Sector Union national assistant secretary Nicole McPherson says."We are very worried about people in contact centres, people in administration roles, people in processing roles — we think that they're the roles that are going to be most quickly impacted by AI.
AI is also helping ANZ staff with other tasks: it can identify cases of financial hardship so they can interact with a customer before a situation gets dire and the customer may be forced to sell their home. And it can be used as an authentication tool to check people are who they say they are.The Dow and S&P both lost almost 1% while the tech heavy Nasdaq lost even more.US Federal Reserve has started cutting rates.
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