ASX to slip, focus shifts to RBA policy meeting

Apple shares rallied 7 per cent on Friday in its biggest one-day percentage jump in a year and a half after the iPhone maker reported blockbuster results and teased its metaverse ambitions. Its stock remains down 4 per cent so far in 2022.

Chevron reported a fourth quarter profit that missed Wall Street estimates and offered a weak outlook for this year’s oil and gas production, sending its shares lower. The pan-European index shed 1.0 per cent, paring some losses after falling as much as 2 per cent earlier in the day. The index lost 1.8 per cent this week, marking its worst performance in over two months.

The blue-chip CSI300 index fell 1.2 per cent to 4563.77, while the Shanghai Composite Index lost 1 per cent to 3361.44. “Communication and the forecast update will show how far RBA guidance will pivot following recent data surprises and global inflation pressures. We believe the Bank will wait until June, as wages growth is yet to meet their threshold, calendar guidance has evolved gradually so far and policy will be less politicised by the May election.”

High global natural gas prices are breaking a two-year logjam of new US liquefied natural gas projects with at least three of the multibillion-dollar proposals likely achieving enough supply contracts to start construction this year, said developers and industry experts.

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