Australian shares are set to open lower, extending the September quarter’s slide. RBA and RBNZ meetings this week are in focus. The $A is steady.
PwC paid for senior tax officer Jeremy Hirschhorn to fly to Paris to address its global tax conference for clients and partners, at the height of the tax leaks scandal.AdvertisementIn New York: BHP -0.6% Rio -0.2% Atlassian +2.3%Spot gold -0.9% to $US1848.63/oz in New York10-year yield: US 4.57% Australia 4.48% Germany 2.84%Bank of America’s view on this week’s meetings. “We see the RBA and RBNZ leaving rates on hold in October, but there is some risk for further hikes in November .
“In our view, current economic conditions do not justify a hawkish stance, but elevated inflation means both Reserve Banks will retain their hawkish bias to ensure inflation expectations do not re-accelerate on the back of higher oil prices.” BofA said improved demographics have supported aggregate demand despite significant headwinds for households on the back of higher living costs, higher rates and high inflation. In addition, second-quarter economic data showed growth is currently being supported by the external sector and public spending. “This is the case for both Australia and New Zealand.
writes on monetary policy, equities, commodities and currencies. He is the overnight markets editor and writes Before the Bell.
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