Another rate rise is anticipated when the Reserve Bank board meets again, with many experts leaning towards another 50 basis point hike.
The October cash rate decision, which is expected to see the RBA lift its target from the current 2.35 per cent, is likely to dominate headlines this week alongside CoreLogic’s latest update on house prices.
Due on Monday, the monthly home value index is likely to reveal another drop in property prices as the aggressive monetary policy tightening cycle continues to drag the market lower.
St George economists expect another 1.4 per cent drop in prices during September to follow a 1.6 per cent fall in August.
Also on Monday, which is a public holiday in several states, S&P Global will release the final manufacturing index and the Melbourne Institute will drop its September inflation gauge.
As well as the RBA’s rates decision, Tuesday will bring ANZ-Roy Morgan’s weekly consumer confidence measurement, ANZ’s job ad report and building approvals and lending data from the Australian Bureau of Statistics.
Trade figures from the statistics bureau will be released on Thursday.
The trade surplus soared to $17.1 billion in June off the back of high commodity prices but halved in July after a drop in coal and iron ore values.
CBA economists are tipping a trade surplus of around $10 billion in August.
On Friday, the RBA will drop its Financial Stability Review, which details how the bank sees the state of the financial system.
Last week, investors took another hit as rising inflation and interest rates fed into global recession fears.
The US S&P 500 marked its steepest September decline in two decades, with all major indexes finishing Friday down.
The Dow Jones Industrial Average fell 500.1 points, or 1.71 per cent, to 28,725.51, while the S&P 500 lost 54.85 points, or 1.51 per cent, to 3585.62 and the Nasdaq Composite dropped 161.89 points, or 1.51 per cent, to 10,575.62.
However, Australian share futures edged higher, lifting five points, or 0.07 per cent, to 6471.
The benchmark S&P/ASX200 index closed Friday down 80.8 points, or 1.23 per cent, to 6474.2, while the broader All Ordinaries fell 81.9 points, or 1.21 per cent, to 6678.7.
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