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ASX to fall as mortgage holders brace for RBA hike

·Personal Finance Editor
·2-min read
The ASX board showing price movements and RBA Governor Philip Lowe.
The ASX is expected to drop slightly this morning as economist predict the RBA will hike rates again this month. (Source: Getty)

ASX: The local market is expected to fall at the open after a mixed session on Wall Street overnight.

This comes after the ASX closed in the red yesterday despite several oil producers and coal miners hitting their highest level in years as the war in Ukraine continued to wreak havoc on energy markets.

Wall Street: US stocks were slightly higher on Monday after a morning rally lost ground earlier in the session.

All three major indices struggled to recover from a sell-off on Friday that rounded out another down week on Wall Street.

Crypto: Since crypto’s drawdown in early May, investors in digital coins have been selling off their tokens and buying Bitcoin at a pace not seen in almost a year.

RBA hike: Home buyers are bracing for a further rise in loan repayments with another increase in the official cash interest rate expected after the Reserve Bank of Australia holds its monthly board meeting.

There are mixed opinions as to the size of the increase, following the RBA's decision to lift the rate to 0.35 per cent last month from a record low 0.1 per cent - the first hike in more than a decade.

Foreign policy: Prime Minister Anthony Albanese will look to solidify Australia's ties with Indonesia on the second day of his visit to the country.

Albanese will travel to the Indonesian city of Makassar today in the country's east, after he met yesterday with President Joko Widodo for one-on-one talks in Jakarta.

Aged care: They say you can't teach an old dog new tricks, but an Australian-first pilot program bringing together rescued greyhounds and aged care residents hopes to prove them wrong.

The Hounds Helping Humans pilot is set to be introduced into HammondCare residential aged care homes in coming months.

Twitter sale: Elon Musk is threatening to walk away from his $61 billion (US$44 billion) bid to buy Twitter, accusing the company of refusing to give him information about its spam bot accounts.

Jet’s seized: US authorities moved to seize two luxury jets - an $83 million Gulfstream and a $485 million aircraft believed to be one of the world's most expensive private planes - after linking both to Russian oligarch Roman Abramovich.

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