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ASX to open flat as eyes turn to RBA’s interest rate outlook

·1-min read
The ASX board and RBA governor Philip Lowe
The ASX is expected to start the day flat as investors await the RBA's outlook for interest rates. (Source: Getty)

Good morning.

ASX: The local market is expected to sit steady today after a bumper session yesterday.

Investors showed no fear of the Reserve Bank possibly bringing forward a rate rise as they gave the market its biggest lift in more than two weeks.

Wall St: US stocks were mixed overnight, dragged down by Microsoft and other mega-cap technology stocks, while data showed US manufacturing activity slowed in October amid supply chain disruptions.

BTC: Bitcoin was sitting relatively flat this morning as investors considered the implications of potential new US regulation in the sector.

  • Watch: The Biden administration has recommended stablecoin issuers be regulated like banks.

Rates day: Forget about the race that stops the nation, today it’s about the rate that stops the nation.

While the RBA is expected to keep the cash rate at a record low 0.1 per cent, it’s outlook for future rate changes is what economists will be paying attention to.

This would be a major change for the bank, which has for months been adamant it would not raise the cash rate until inflation is sustainably within its 2-3 per cent inflation target, an event it had not expected to occur before 2024.

Sydney, Australia - December 6, 2015: Reserve bank of Australia silver text on the black stone wall in front of its office building in Sydney central business district. There is no people in the photo. This photo is taken in the afternoon.
The RBA has not raised interest rates in 11 years. (Source: Getty)

Climate conference: It has been a rollercoaster ride for Prime Minister Scott Morrison in Glasgow for the COP24 conference.

Morrison told other world leaders that scientists, not politicians, would be the solution to a climate disaster.

He also pledged a further $500 million in climate finance to support developing countries in the region.

And his stoush with his French counterpart hit a fever pitch with the release of private text messages between the pair.

Have a great day.

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