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ASX to drop after RBA confirms no rate hike until 2024

·Contributing editor
·3-min read
The Australian share market is expected to drop at the open on Wednesday. Source: Getty
The Australian share market is expected to drop at the open on Wednesday. Source: Getty

Good morning.

Here's what you need to know about finance markets for today.

ASX: The Australian share market is expected to drop on Wednesday. According to the latest SPI futures, the ASX 200 is expected to open the day 34 points or 0.45 per cent lower this morning.

Global markets: It was a disappointing night of trade on Wall Street, which saw the Dow Jones fall 0.85 per cent, the S&P 500 drop 0.6 per cent, and the Nasdaq fall 0.45 per cent.

AUD: The Australian dollar is trading at 0.7322 to the US dollar as at 7am this morning.

Property prices: The Reserve Bank of Australia (RBA) will not lift the cash rate to cool surging house prices, RBA governor Philip Lowe said. Speaking in an address to the Anika Foundation, he said raising the cash rate, currently sitting at a record low of 0.1 per cent, is not on the agenda for the bank despite admitting it would help ease prices.

Policy review: High government debt and limited scope for the Reserve Bank of Australia to manoeuvre monetary policy will present future challenges for managing the economy, the Organisation for Economic Cooperation and Development says. It believes there should be a review into the RBA's monetary policy framework, noting underlying inflation has undershot its two to three per cent target band since 2015.

Finfluencers: The corporate watchdog is undertaking a review of “selected” financial influencers on TikTok and other social media platforms amid a boom in millennial and Gen Z interest in online investment platforms and concerns over the growth in pump and dump schemes.

Covid-19 vax: Aussies staff at some of the nation’s biggest employers, including Woolworths, Coles, Qantas and the big four banks, could receive their Covid-19 jabs at work as offices and warehouses are transformed into vaccination centres.

Cybercrime: A cybercrime is now reported every eight minutes in Australia with criminals and spies taking advantage of large numbers of people working from home during COVID-19 lockdowns. The federal government's latest official assessment shows malicious online actors are exploiting the pandemic and are actively targeting vulnerable Australians and health services.

Confidence: Confidence among consumers and business has held up relatively well in the face of what is likely to be a sharp economic contraction in the September quarter caused by the COVID-19 lockdowns in two major states.

Crypto boost: A fake press release sent the crypto stock market into a short-lived frenzy on Monday when a fake press release was sent out early on Monday saying Walmart had agreed to a partnership with the cryptocurrency. The hype was increased when somebody at Litecoin tweeted the press release. The digital currency jumped around 30 per cent following the publication of the bogus claims.

Have a great day.

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