Australian shares are set to extend their advance. Tech and banks have boosted Wall Street’s outlook. The Reserve Bank of Australia makes its move on Tuesday.
Apple’s ascent helped the Nasdaq 100 Index to its best-ever first half ever, driving a broader stock rally that underscored the dominance of tech megacaps.: “Think back to May 2nd and June 6th. On both occasions, the Reserve Bank of Australia surprised consensus with 25bps hikes. Now here we go again with consensus once again expected no change to the cash rate of 4.1 per cent this Tuesday but with markets pricing a return to hiking later.
“Markets have been flirting with around one-in-three odds of a hike. Since the last hike, job growth smashed expectations at 76,000 but monthly CPI for May landed shy of expectations. The labour market remains very tight with an unemployment rate hovering around a record low of 3.6 per cent which may provide cover for a hike in the context of wage-Phillips curve and traditional wage-price Phillips curve connections.
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