Borrowers set for another big rate rise as markets sweat economic data

The week kicks off with building approvals and lending figures on Monday from the Australian Bureau of Statistics.

RBA figures released on Thursday showed that demand for credit in May held relatively steady, with annual growth at nine per cent – its highest since October 2008.

The ABS will also release international trade data on Thursday and payroll data for the fortnight to June 11, a precursor to a full labour force report due on July 14.

Separately, the weekly ANZ-Roy Morgan consumer confidence index is due on Tuesday.

Confidence has been slowly grinding higher over the past couple of weeks after slumping nearly eight per cent to its lowest level since April 2020 after the last interest rate hike.

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However, the level of confidence indicates that pessimists still far outweigh optimists.

Despite such gloom, figures last week showed retail spending hit a record high in May.

Meanwhile, Australian shares are poised to rise on Monday after global indexes lifted on Friday ahead of the US Fourth of July long weekend.

The Dow Jones Industrial Average rose 321.83 points, or 1.05 per cent, to 31,097.26, the S&P 500 gained 39.95 points, or 1.06 per cent, to 3,825.33 and the Nasdaq Composite index added 99.11 points, or 0.9 per cent, to 11,127.85.

Australian futures were up 96 points, or 1.48 per cent, to 6545.

The benchmark S&P/ASX200 index finished Friday down 28.2 points, or 0.43 per cent, to 6539.9 after losses in the mining and energy sectors.

AAP

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