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ASX to rise as RBA faces independent probe

·Personal Finance Editor
·2-min read
The ASX board showing company price changes and RBA governor Philip Lowe.
The ASX is expected to rise this morning and the RBA is facing a review. (Source: Getty)

ASX: The local market is expected to lift at the open today after Wall Street soared overnight.

This came after the Aussie share market was unable to build on Monday's rally, closing lower with losses across every sector except energy and utilities.

Wall Street: US stocks rose sharply in a turnaround rally on Tuesday that helped lift all three major indices more than 5 per cent from their lows in June.

Twitter trial: A US court has granted Twitter a five-day trial - slated for October - in its case seeking to force Tesla CEO Elon Musk to buy the social media site for US$44 billion after he tried to terminate the deal last month.

RBA probe: The Reserve Bank will have its monetary policy examined as part of an independent review, the first since the 1980s.

Federal Treasurer Jim Chalmers said the terms of reference for the review have been finalised, and will examine monetary policy arrangements, including whether the bank's current inflation-targeting framework is appropriate.

Insurance troubles: Complaints made to the financial services ombudsman due to natural disasters have more than doubled in the past year, according to new data.

Figures from the Australian Financial Complaints Authority revealed more than 72,000 complaints were made to the body, 1,586 of which were made due to natural disasters.

Telcos: The telecommunications ombudsman has released a troubling report outlining more than 63,000 complaints between July 2020 and March 2022.

The ombudsman's new systemic investigations report detailed complaints about telcos signing up people for products they didn't understand and couldn't afford, and promising mobile coverage that wasn't received.

Energy crisis: A gas supply guarantee has been triggered by the national energy market as Victoria faces a winter gas shortage.

Victorian Energy Minister Lily D'ambrosio said the gas supply guarantee was triggered by the Australian Energy Market Operator on Tuesday afternoon, as reserves at a storage facility in the state's southwest dropped to record lows.

Pricey shows: The fourth season of Netflix’s Stranger Things reportedly cost around US$30 million per episode.

But it’s still not the most expensive TV show of all time.

- With AAP

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