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Oil at Record Highs; Australia Hawkish: 5 Keys to Tuesday's Stock Market Action

© Reuters.

By Laura Sanchez – A busy week for the markets, with the focus on central banks and the US CPI next Friday.

Australia raises interest rates more than the market expected.

Oil prices remain at record highs, despite OPEC.

Cryptocurrencies are trading lower this morning.

These are the five factors that investors should take into account when making their decisions today:

1. Australia raises rates more than expected

Early this morning, the Reserve Bank of Australia announced that it is raising to 0.85% from 0.35%. This is 25 points more than the consensus expected (0.60%).

The agency raised rates by 0.50% and follows the general trend of the major central banks to tighten monetary policy.

2. Oil prices soar despite OPEC’s agreement

The agreement reached last week by the Organisation of Petroleum Exporting Countries () to increase production by 50% has not helped to calm oil prices.

This morning, is trading at $119 and at $120.

3. Crypto, down

The cryptocurrency sector is down this morning, losing yesterday’s gains. is trading around $29,500 and at $1,750.

4. Asia and the American stock market

The main Asian indices are mixed today. is up 0.1%. Hong Kong’s lost 0.4% and the gained 0.2%.

On Wall Street, the market ended yesterday in the green. The (0.3%), (0.4%) and (0.05%) closed higher.

5. Macroeconomic data

The main macroeconomic releases in Europe include , , UK , as well as Euro zone .

In the US we will see , and , and .

Follow the day’s events on our economic calendar:


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