1. PM under pressure to break tax cut promise
Prime Minister Albanese is under pressure to take away promised tax cuts ahead of the October Budget. Greens and independent MPs are telling Treasurer Jim Chalmers to drop the stage three tax cuts that were legislated by the Morrison Government. They say these tax cuts favour high-income earners but they also favour those on incomes between $66,000 and $78,000, which hardly sounds like high-income taxpayers. This is a big issue for the PM with the upcoming Budget on October 25.

2. Will the Fed rock stocks again this week?
Last week stocks were rocked by a poor US inflation number and another US event could again hit share prices. That bad inflation number in the US made stock market players expect more big US interest rate rises and share prices dived on the news. On Wednesday the US central bank is expected to announce another big 0.75% rate rise but what it says about future rate rises could smash stock prices again. Of course, the news could be good for stocks but few experts are tipping that!

3. Every move he makes…
To the local big economic stories this week, the focus will be on what the Reserve Bank is thinking about future interest rate rises here. On Tuesday, the RBA minutes from its last meeting (when rates were raised by half a per cent) will be released. Economists, stock market players and the media will look at every word, trying to work out if the Reserve Bank is aiming for another 0.5% increase next month. Then on Wednesday, the under-fire RBA boss Dr Phil Lowe will make a speech, and again, every word he utters will be used to forecast the bank’s next move on rates.

4. Volkswagen eyes off Porsche in IPO
Volkswagen is targeting a valuation of $70.1 billion to $75.1 billion for luxury sportscar maker Porsche.

“Volkswagen will price preferred shares in the planned flotation of Porsche AG at 76.50 euros to 82.50 euros ($76.61 to $82.62) per share, the carmaker said on Sunday, generating proceeds of between 8.7 to 9.4 billion euros,” CNBC reports.

“The price range, which translates into a valuation of 70-75 billion euros, would make it Germany’s second biggest IPO in history and, at the upper end of the valuation, Europe’s third largest on record, according to Refinitiv data.”

Trading will begin on September 29, the carmaker said.

5. ASX to fall, Wall St continues losses
ASX futures were down 2 points to 6737 earlier this morning, with the AUD +0.2% to 67.16 US cents.

On Wall St: Dow -0.5% S&P 500 -0.7% Nasdaq -0.9%.

Spot gold +0.6% to $US1675.06/oz at 4.59pm New York time.

Iron ore -2.6% to $US98.45 a tonne.

10-year yield: US 3.45% Australia 3.72%.