Australian shares are poised to rise on Monday as investors wait on new inflation data – and whether oil production will fall – to guide their forecasting on whether the Reserve Bank will hike interest rates again. ASX futures suggest shares will open 0.2 per cent higher, setting the stage for a strong recovery in November. The S&P/ASX 200 is on course for its biggest monthly jump since January, up 3.8 per cent.
On the year, however, shares are only back to where they started the year, in sharp contrast with the US where the S&P 500 is 19 per cent higher year-to-date and up 37 per cent for the Nasdaq. George Boubouras, head of research at K2 Asset Management, says the ASX lag is partially due to the RBA’s tightening. The central bank lifted the cash rate to 4.35 per cent, the 13th increase since last year, saying inflation was too high and warning it would do it again if it did not ease.“The recent spike in core inflation is disturbing as it is very much driven by domestic fiscal policy settings,” Mr Boubouras sai
Source: Loan Digest (loandigest.net)
Australian Shares Inflation Data Oil Production Reserve Bank Interest Rates ASX Futures Recovery S&P/ASX 200 US Shares RBA Tightening Cash Rate Core Inflation Fiscal Policy
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