ASX to edge up, $A awaits RBA policy decision

Australian shares are poised to edge modestly higher, though it’s difficult to see any positive momentum after Wall Street’s late sell-off closed out another miserable month in New York.The local currency tumbled, briefly trading below US64¢, with a focus on Tuesday’s Reserve Bank policy meeting.

On Wall Street, all three major benchmarks closed lower with the Dow dragged down by Nike and its warning of excess inventory and the need for steep discounts to clear out merchandise.In a note over the weekend, Goldman Sachs strategist David Kostin said there’s reason to be cautious: “Hedge funds, mutual funds, and retail traders have slashed equity exposures year-to-date. However, investor equity positions remain elevated versus a longer-term history, and we forecast further selling in 2023.

“Until/unless June lows near $US129 are violated, this recent decline doesn’t have much significance technically, and should be a buying opportunity heading into next week with optimal levels to consider at $US135-$US138 on weakness.”Local: CoreLogic dwelling prices September, MI inflation September Nike slumped 12.8 per cent, its worst day in more than 20 years, after it said its profitability weakened during the US summer because of discounts needed to clear suddenly overstuffed warehouses.

The index shed 4.8 per cent during the July-September quarter marking its third straight quarterly decline in what will be its longest such losing streak since 2011.The Bank of England won’t raise interest rates before its next scheduled policy announcement on November 3 despite a plummet in sterling, a Reuters poll found.

Reuters reported that the talks are likely to focus on a cut of between 500,000 and 1 million barrels per day .

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