ASX edges 0.06% higher ahead of big rates week

The news: The Australian sharemarket inched higher on Monday, as oil prices rose and traders were subdued ahead of multiple interest rates announcements in jurisdictions around the world later this week. The benchmark ASX 200 finished 0.06% higher at 7,199.00 while the broader All Ordinaries also gained 0.06%. The Aussie dollar lost ground against the greenback and is buying 65.6 US cents.

The numbers: Energy stocks traded 1.2% higher, helped by 0.5% and 0.6% gains in Brent and West Texas crude futures. Materials stocks were sluggish, losing 0.6% as lithium miners and explorers rolled over after rallying on Friday. Utilities also gave up 0.6%

The context: It's a huge week for monetary policy, with central banks from jurisdictions including the USA, Eurozone, Russia, Switzerland and Brazil setting their respective interest rates for the last time in 2023. Closer to home, RBA governor Michele Bullock will address the AusPayNet summit tomorrow, ABS unemployment figures will follow on Thursday and Australian flash manufacturing PMI data are due on Thursday. NAB, Westpac, Orica and Elders will hold annual general meetings this week.