The ASX 200 is likely to dip slightly this morning as investors await today’s release of minutes from the Reserve Bank meeting on monetary policy.
This comes despite slim gains on Wall Street overnight.
A late rally pushed Wall Street higher ahead of a big week of corporate earnings reports due in the US. The Dow Jones, S&P 500 and Nasdaq saw small gains, while European stocks mostly finished in the red.
Back home, Deloitte Access Economics reported it expected Australia to experience a consumer recession this year, with New South Wales and Victoria expected to be hit the hardest.
Deloitte dubbed the two hikes by the Reserve Bank this year — after eight rate rises last year — “unnecessary”, prompting further downgrades to Australia’s growth outlook.
The Aussie dollar saw a very slight decrease. One Aussie dollar is buying 67 US cents and 54 British pence.
To commodities, iron ore rose to US$120 per tonne, while the stronger US dollar pushed the gold price below US$2000 an ounce.
Tin prices surged just under 10 per cent to a two-month high following reports of a possible mining pause in major producer Myanmar.