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ASX tumbles, crypto recovers ahead of today's RBA announcement

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·Contributing editor
·4-min read
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Yahoo Finance's market wrap for Tuesday. Source: Getty
Yahoo Finance's market wrap for Tuesday. Source: Getty

Good morning.

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

ASX: The Australian share market looks set to tumble on Tuesday. According to the latest SPI futures, the ASX 200 is expected to open the day 43 points or 0.6 per cent lower. This is despite the US and UK markets being closed for public holidays.

World stocks: World equities are set to post a fourth consecutive month of gains, while the US dollar remains under pressure ahead of a slew of European and US data that will confirm whether the global economy is on a steady recovery path. MSCI's broadest index of world stocks drifted 0.

AUD: The Australian dollar is trading at 0.7736 to the US dollar as at 7.10am this morning.

Oil: Energy producers after oil prices expected to push higher today. According to Bloomberg, the WTI crude oil price is up 0.9 per cent to US$66.91 a barrel and the Brent crude oil price has risen 1.1 per cent to US$69.46 a barrel. Oil prices rose amid expectations that demand will outstrip supply.

Gold: Gold miners could have a decent day after the gold price pushed higher overnight. According to CNBC, the spot gold price is up 0.25 per cent to US$1,909.5 an ounce. The precious metal was given a boost from strong inflation data.

Iron ore: It could be a good day for mining giants after the iron ore price rebounded. According to Metal Bulletin, the spot iron ore price jumped 4.4 per cent to US$198.83 a tonne following a rise in Chinese steel prices.

Cryptocurrency: Ethereum extended gains to rise more than 8 per cent on Monday to $2,587 but remained 40 per cent below a record high of above $4,300 hit earlier this month. Larger rival Bitcoin also gained in its wake with the world's biggest and best-known cryptocurrency rising 3.7 per cent to $36,977 in quiet trading with London and US markets shut for holidays.

Global tax: Finance ministers from the group of seven rich countries (G7) will vow this week to support their economies as they emerge from the pandemic and reach an "ambitious" deal on a minimum global corporate tax in July, a draft communique indicates. G7 officials, set to meet in London on June 4-5, will also say that once the recovery is well established, they will need to "ensure long-term sustainability of public finances," which is understood to be code for a gradual withdrawal of stimulus.

Climate talks: Officials from around the globe are beginning three weeks of gruelling climate talks that will involve grappling with a number of thorny political issues without the benefit of face-to-face meetings. The UN climate office in Bonn, Germany, has designed a schedule of virtual sessions in which negotiators share the burden of joining meetings before dawn, during the afternoon or late at night.

RBA: RBA monitors COVID-19 outbreak in Victoria ahead of this afternoon's cash rate decision. Economists are finalising their forecasts for key economic growth figures. Treasury secretary Steven Kennedy and his senior team are also due to face a Senate hearing in Canberra to dissect the federal budget and the national economic outlook.

WHO reforms: The World Health Organisation, battling to coordinate the global response to the coronavirus pandemic, has agreed to study recommendations for ambitious reforms made by independent experts to strengthen the agency. Under the resolution put forward by the European Union, and adopted by consensus, member states are to be firmly in the driver's seat of the reforms, which follow criticisms of the global handling of the crisis.

US, UK travel: Flights to the US and UK could be closer than you think due to the success of their vaccine rollouts. Qantas CEO Alan Joyce has predicted travel bubbles with those countries could come sooner rather than later while he spoke about the importance of Australia’s own vaccine rollout.

Have a great day.

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