1. Stocks rise looks set to continue today

The local stock market has had three days of rises and looks set for another positive open, has the Budget helped? Well, it hasn’t hurt, with no new taxes and little new spending to worry financial markets. But the share market positivity is coming from Wall Street, where many companies are reporting profits better than expected and there are signs that inflation might be peaking, which could help the US central bank ease up on its aggressive interest rate rise program.

2. More rate rises expected

But inflation signs here aren’t as positive because two interest rate rises in two months is now expected.

Yep, the headline Consumer Price Index went up 1.8% in the September quarter, which was higher than expected, driven by the floods’ effects on food prices, rising rents and home building costs, as well as the price of furnishing. Economists are now tipping the RBA will raise interest rates by 0.25% in November and December. 

3. Albanese’s new industrial relations bill

Bosses who won’t allow flexible work arrangements for their employees could be forced to face arbitration.

The Albanese Government has a new industrial relations bill calledthe “Secure Jobs, Better Pay Bill” and among its many proposals, is that if a boss says no to employees working from home, he or she will have go to an arbitrator, who is like a referee, who will decide if the boss is offside and unfair. Employees with young children or those over 55 will be offered protection via the arbitrator.

4. Medibank shares take a sickening dive

Following hackers potentially having access to 4 million member’s personal details and health records of Medibank’s customers, the listed companies’ shares were smashed yesterday. The stock price slumped 18% or 64 cents to $2.87 and effectively wiped $1.75 billion off the value of the company. The AFR reports that “Quinn Emanuel partner and class action specialist Damian Scattini said he has already been contacted by angry shareholders looking to recoup their losses as Medibank resumed trading for the first time in a week.”

5. Are we entering a global energy crisis?

The International Energy Agency says yes and has described the current state of energy markets as “the first truly global energy crisis in history.” It also says it could get worse. The SMH tells us that: “In its October oil market report the IEA says disruptive forces in the energy markets are multiplying, with OPEC+’s plan to cut oil supplies by an effective million barrels a day for the rest of this year and into next year as having “derailed” the growth trajectory of oil supply with a move that increases energy security risks worldwide.” This isn’t good news for inflation in 2023.