1. RBA cornered by global tightening wave
Australia’s central bank faces an uphill battle to slow the pace of policy tightening, as much of the world renews a commitment to sharp interest-rate increases.

Strategists say the Reserve Bank can ill afford to ease off at Tuesday’s policy meeting with the currency weakening and central banks led by the Federal Reserve signalling an intent to remain hawkish even if that drives their economies into recession. (AFR)

2. Inflation better than expected, RBA will be encouraged: Peter Esho
Peter Esho an economist and co-founder at Wealthi said August’s 6.8% inflation print is good news in his view.

“The inflation numbers are better than expected and not as disastrous as other developed economies. What we’re looking at is the trimmed mean, which shows a 4.9% increase in the most recent quarter compared to the same quarter last year. In the overall context, that’s not bad,” said Mr Esho.

“The RBA will be encouraged and we suspect they might think twice about more aggressive rate cuts.”

3. Recent broker rating changes

• Westgold Raised to Outperform at Macquarie
• Lynas Raised to Outperform at Macquarie; PT $9.40
• Evolution Raised to Outperform at Macquarie; PT $2.20
• Pilbara Minerals Cut to Hold at Jefferies; PT $4.75
• Nickel Industries Raised to Buy at Jefferies; PT $1
• 29Metals Raised to Hold at Jefferies; PT $2.20
• Ramelius Raised to Accumulate at Ord Minnett; PT $1.10
• Charter Hall Raised to Buy at Citi; PT $4.70

4. Market movers over past 24hrs

5. ASX down amid Wall St sell-off
ASX futures were down 24 points or 0.37% to 6523 near 6.25am AEST, with the AUD -0.5% to 64.92 US cents.

On Wall St: Dow -1.5% S&P 500 -2.1% Nasdaq -2.8%.

Brent crude -1.2% to $US88.24 a barrel.

Iron ore +0.4% to $US95.85 a tonne.

10-year yield: US 3.79% AUS 3.93% UK 4.13%.