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ASX to rise as RBA to reveal future interest rate hikes

·Personal Finance Editor
·2-min read
The ASX board showing price movements and RBA Governor Philip Lowe.
The ASX is expected to rise this morning as economists wait for the RBA minutes to be released. (Source: Getty)

ASX: The local market is expected to jump out of the gate after a mixed session on Wall Street overnight.

This comes after the Australian share market closed modestly higher yesterday, putting together a two-day winning streak for the first time this month.

Wall Street: US stocks ended mixed on Monday, with equities struggling for direction as concerns over elevated inflation persisted.

US crude oil prices erased earlier losses and rose even after new economic data from China came in weaker-than-expected.

Crypto crash: On the back of a meltdown in crypto markets last week, Securities and Exchange Commission chairman Gary Gensler sent a stern warning to the investing public on crypto, calling it a “highly speculative asset class” and reiterating its lack of investor protections.

Federal election: A stoush over housing policy was a feature of campaigning yesterday with Scott Morrison denying his Government's new policy to assist first home buyers would push up prices.

Superannuation Minister Jane Hume said there would be an increase in house prices under the Coalition's housing proposal.

Meanwhile, The Coalition is preparing to present its election costings to voters as Labor refocuses on Australia's sovereign manufacturing capabilities.

The costings are expected to be released today, ahead of the Opposition doing the same later this week, just days out from the May 21 vote.

Energy crisis: The largest oil and gas industry event in Australia is being held, as leading companies face accusations of dudding taxpayers.

New analysis of tax data by the Australia Institute found the firms paid almost no tax over the past seven years, sparking calls for a revamp to pay off post-pandemic budget deficits.

RBA minutes: Economists will be looking for further hints on the interest rate outlook when the Reserve Bank of Australia (RBA) releases the minutes of its May board meeting today.

The RBA board endorsed a lift in the cash rate to 0.35 per cent from a record low 0.1 per cent at that meeting, the first increase in more than a decade.

Country in crisis: Sri Lanka's new prime minister said the crisis-hit country was down to its last day of petrol as the power minister told citizens not to join the lengthy fuel queues that had galvanised weeks of anti-government protests.

- With AAP

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