Live: Wall Street sinks on AI fears, ASX on edge ahead of RBA meeting

The ASX is poised for a flat opening despite a big sell-off on Wall Street amid mounting concerns about AI investments. Follow the day's events and insights from our business reporters on the ABC News live markets blog.

abc.net.au ·2h ago

Live: Wall Street sinks on AI fears, ASX on edge ahead of RBA meeting

Wall Street suffered a decline on Friday due to fears surrounding AI-related stocks, while the Australian Securities Exchange (ASX) remained cautious with a flat opening ahead of the Reserve Bank of Australia (RBA) meeting and bank results. The ASX is expected to stay level, with a focus on Wednesday's dwelling approvals and ABS Household Spending Indicator, as well as Thursday's trade balance.

The RBA rate decision, set to occur on Tuesday, is the major event of the week, with economists predicting a 25 basis points (bps) increase in the cash rate to 4.85%. The broader impact of the tech sector's troubles and a significant crypto exchange heist have also contributed to the market's turbulence.

Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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