Good morning! We bring you the latest business and economic news.
The local share market is expected to start the day lower, with ASX futures expected to fall 0.3%.
The Australian dollar fell 0.2 percent to 66.6 US cents.
In economic news, the central bank is due to publish the minutes of its mid-June board meeting.
Investors will be analysing each word very carefully for clues about the likelihood of the Reserve Bank of Australia board raising interest rates in the coming months.
But the meeting came before the release of ABS data last week, which showed inflation rose by a better-than-expected 4% in the year to May.
Tech stocks boost U.S. markets
This was despite solid performances on Wall Street, with the Nasdaq Composite Index up 0.8%, the Dow Jones Industrial Average up 0.1% and the S&P 500 Index up 0.1%.&The P500 rose 0.3%.
The Nasdaq rose, led by gains in large growth stocks such as Apple (+2.9%), Microsoft (+2%) and Amazon (+2.2%).
Tesla surged 6.1% ahead of the release of its June quarter vehicle delivery data (investor expectations are sky high).
Meanwhile, shares of JPMorgan Chase, the largest bank in the U.S., hit a record high after the bank raised its dividend to $1.25 a share from $1.15, and its board of directors also authorized a $30 billion share buyback program effective July 1.
Oil prices rose 2% – to a two-month high – on hopes of increased demand during the Northern Hemisphere’s summer driving season and concerns that the escalating Middle East conflict could reduce global oil supplies.
