Australian shares are poised to fall 0.9 per cent at the return to trading on Monday, after suffering their worst week in four weeks in response to the Israel-Hamas conflict.
is exacerbating the pain from a global spike in oil prices, which is keeping inflation from cooling enough to avoid a potential Cup Day interest rate increase.that could support the case for further monetary tightening, Australian shares were set to fall 0.9 per cent on Monday after stocks suffered the worst week in four weeks in response to the Israel-Hamas conflict and dwindling expectations for global growth.
“While inflation is moderating overall, it’s more persistent globally and so it will be more persistent here as well – and we expect to see some of this reflected in the quarterly inflation figures this week,” he said in remarks to the“Whether it’s global cuts to oil production, the war in Ukraine or the conflict in the Middle East, the challenges coming at us from around the world are being felt around the kitchen tables of hardworking Australians.
The RBA typically looks through spikes in energy prices, but economists warn that motorists’ budget pressures could influence inflation expectations.Australia’s headline and core inflation are forecast to accelerate 1.1 per cent in the September quarter, from June 30, according to a Reuters poll. But on an annual basis, CPI measures are expected to show a cooling with the headline CPI polled at 5.
“We expect market services inflation, excluding travel and telco, watched by the RBA as a measure of domestically sensitive inflation, to reach a fresh quarterly and annual high around 7 per cent year-on-year.”
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