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ASX to fall as RBA boss to face more parliamentary scrutiny

·Yahoo Finance Editor In Chief Australia
·2-min read
Composite image of RBA governor Philip Lowe, and a man looking at the ASX board
RBA governor Philip Lowe will face more questions, while the ASX is expected to fall. (Source: Getty)

ASX: The ASX200 fell 2.25 per cent at the close on Friday - the third week of declines in the past four weeks.

The drop came as stronger-than-expected US retail sales data for August gave the US Federal Reserve the green light to hike rates aggressively next week, and as Reserve Bank of Australia (RBA) governor Philip Lowe gave hawkish testimony in Canberra.

Wall Street: Recession fears are mounting after US stocks ended down on Friday, tumbling to two-month lows as a warning of impending global slowdown.

More COVID support: The Albanese Government will spend a further $1.4 billion to deal with the impact of COVID-19, with the majority of the funding going to aged care providers.

RBA minutes: Minutes from the RBA's September 6 board meeting will be released tomorrow with analysts on the lookout for more clues regarding future rate hikes.

Queen’s funeral: Aussie PM Anthony Albanese has joined a reception for leaders from across the world, hosted by King Charles III at Buckingham Palace, ahead of Queen Elizabeth II's funeral.

The Prime Minister met with Canadian PM Justin Trudeau on Sunday, before holding a lunch with Australia's community champions at Australia House in London.

No free ride: The NSW government is headed to court in a bid to block union plans to deactivate Opal readers at train stations as part of an ongoing industrial stoush.

The union plans to leave station gates open as it did last month, but this time the Opal readers will also be deactivated, preventing commuters tapping on, rather than giving them an option not to.

Budget repair: The RBA governor outlined his concerns about fiscal policy during a parliamentary hearing on Friday.

Treasurer Jim Chalmers has promised measures to reduce the cost of child care and medicines, but has also pledged to keep spending restrained in light of budgetary constraints.

Bird backpacks: Tiny solar-powered, satellite backpacks are tracking one of Australia's rarest bird species.

Fifteen critically endangered plains-wanderers have been released into Oolambeyan National Park in the NSW Riverina, which was protected in perpetuity in 2002 due to its high conservation value in protecting critical habitat for the species.

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