Equities are tipped to climb after a strong session on Wall Street, but many investors will keep their powder dry ahead of the Tuesday’s Reserve Bank meeting.
The Australian sharemarket is set to kick off the new financial year with a rally, buoyed by a strong session on Wall Street as investors once piled into technology majors, sending Apple shares to a fresh high.P/ASX 200 Index last week took the gauge’s financial year performance to plus 9.7 per cent, ASX futures climbed 29 points, or 0.41 per cent, to 7190 at the weekend.
Among the big four, National Australia Bank, Westpac and ANZ remain unified in tipping a rate rise in July and a peak cash rate of 4.6 per cent in August or soon after. “We see little value in waiting. If the RBA held fire, we still think the RBA would rase rates two more times, and it’s worth remembering the April pause was followed up with two consecutive rate hikes.”Commonwealth Bank remains the outlier among the major lenders, and expects Australia’s central bank to leave the cash rate on hold this month, before one final rate increase in August.
Retail turnover data also caught the market by surprise, increasing 0.7 per cent in May compared to expectations for a 0.1 per cent lift. Economists, however, were quick dismiss the figure as an anomaly and said it didn’t signal renewed strength in consumer spending.On the economic calendar front this week, there is a handful of so-called second-tier data due to be released in Australia, none of which is expected to change the outlook meaningfully.
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