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