1. NASA releases stunning images of faraway galaxies
If you haven’t already seen the incredible images released by NASA on Wednesday from its James Webb Telescope, do yourself a favour and marvel at the sheer beauty of the universe and just how vast time and space truly are. The images are a more in-depth representation of those released by the Hubble Telescope which was launched in 1990.

The ABC has put together a great article where you can use a slider to compare the images of the Carina Nebula, a dying star, and SMACS 0723 – the deepest view of the cosmos capturing stars and galaxies some 4.6 billion years ago, which is the farthest we have ever seen in time and distance.

NASA administrator Bill Nelson gave an insight into the scale of the cluster when the image was released on Monday.

"If you held a grain of sand on the tip of your finger at arm's length, that is the part of the universe you are seeing.

"It's just a tiny sliver of the vast universe."

2. US inflation comes in on a high
The US recorded a terrible 40-year high 9.1% inflation number, which is bad news for interest rates and the stock market there — and it could hurt us too. Americans will have to brace themselves for more three-quarter per cent rate hikes to kill inflation. However, this could deliver a recession, which would be bad for stock prices there. And as Wall Street leads our stock market, a US recession could be bad for our market and our super funds. Also, it could mean our Reserve Bank could be more aggressive with its rate rises.

3. Could the Reserve Bank cut interest rates?
A leading investment bank tips the Reserve Bank will stop lifting interest rates in November to avoid a housing crash. UBS’s chief economist, George Tharenou tips the RBA will start cutting rates in the second half of next year. He believes if the RBA continues with big rate rises, households will find interest repayments impossible, creating a recession and a crash for house prices.

4. ANZ to buy MYOB?
ANZ is in talks to buy accounting software company MYOB for $4.5 billion, showing how our big banks are keen to diversify. Our big banks have cut their commitment to wealth management after the Royal Commission. Now they’re looking at new ways to make money. The AFR says buying MYOB boosts “ANZ’s offering to small and medium-sized business clients by allowing it to integrate their banking and accounting more seamlessly. It would also give insights into the financial health and activity of the bank’s business customers”.

5. ASX trends downwards as Wall St drops on US inflation numbers
ASX futures were down 1 point to 6518 near 6.30am AEST, with the AUD +0.04% to 67.61 US cents.

On Wall St at 4pm: Dow -0.7% S&P 500 -0.3% Nasdaq -0.2%.

In Europe: Stoxx 50 -1% FTSE -0.7% CAC -0.7% DAX -1.2%.

Brent crude -0.2% to $US99.25 a barrel. Iron ore +3.4% to $US109.40 a tonne.

10-year yield: US 2.91% Australia 2.38%.