Weekly market wrap: ASX rebounds, RBA lifts cash rate, media stocks recover

July 8, 2022 9:57

The financial year has drawn to a close, and shares in Australian media stocks are making a steady recovery from their collective plummet last month. As the RBA lifts the cash rate, Australian shares are primed to rise today after a positive day on Wall Street.

Inflation shows no sign of slowing down, so the RBA has continued to make its controversial move of aggressively hiking up interest rates. Given the RBA’s promise that it wouldn’t lift interest rates until 2024, consumers and businesses are outraged. Labour market pressures abound, with record low employment contributing to the state of the macroeconomic landscape.

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Seja Al Zaidi

Seja Al Zaidi was Mumbrella’s finance reporter, spearheading the publication’s coverage on the financials of advertising, marketing and media sectors.

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