ASX to open flat, global stocks and oil prices dip, RBNZ to lift cash rate

Overnight, Wall Street ended in negative territory as growing signs of recession kept buyers out of the equities market ahead of inflation data.

"For several months we've swung back and forth between inflation fears and recession fears, almost on a daily basis." Paul Kim, chief executive officer at Simplify ETFs in New York, expects year-on-year topline CPI to "be in the high eight or potentially even nine percentage range, and with inflation that high, the Fed has only one thing in mind."

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