Join our daily newsletter At The Bell to receive exclusive market insights
The ASX is expected to dip this morning ahead of today’s RBA interest rate decision.
US stocks retreated. The NASDAQ and New York Stock Exchange saw small decreases. The S&P sank 0.2 per cent after touching a nine-month peak earlier in the day.
Tech giant Apple unveiled a new virtual reality headset at its annual developer’s conference, boosting its share price to a record high. The company later pared back its gains, to close up 1.5 per cent.
Tesla stocks were also boosted by 3 per cent, while Meta stocks lost 0.5 per cent.
Back home, economists are tipping interest rates to rise for the 12th time in a year.
If the rate increases by 0.25 percentage points today, it will bring the cash rate target to 4.1 per cent – the highest level since April 2012.
Turning to foreign exchange, the Aussie dollar saw a slight increase. One Australian dollar is buying 66 US cents and 53 British pence.
Oil continued its rise after Saudi Arabia announced it will slash oil production by one million barrels a day from next month. Crude oil was trading higher at US$71.92 per barrel.
Safe haven gold continued its rise, up nearly one per cent to US$1961.15 per ounce.
