Australian shares to drop. BHP deadline fast approaching. Nvidia’s market cap surges towards Apple. Monthly inflation data at 11.30am. Follow updates here.
In a morning note, ahead of the 11.30am release of the monthly CPI data, NAB said it expects an ever so slightly better result in April from March. “The April monthly CPI indicator for Australia is expected to dip to 3.4 per cent year-over-year from 3.5 per cent previously, with NAB’s views in line with consensus.” NAB said more interesting will be the measure excluding volatile fruit and vegetables, fuel, and holiday travel. “Here we pencil in a fall back to 3.
9 per cent after a rise to 4.1 per cent in March.” The usual caveat is that this first month of the quarter reflects only a partial update of the prices in the CPI basket and is heavily skewed towards goods, NAB also said. “Our forecasts are consistent with a continued moderation in grocery price inflation and broadly stable durable goods prices .
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