ASX to start RBA rates week higher

The news: Australian shares are tipped to rise once the trading week begins, after Federal Reserve Chair Jerome Powell indicated rates may have peaked and helped US markets close higher. All three major US stock indexes advanced.

The numbers: The ASX 200 futures index was tracking higher by 65 points, or 0.91%, to 7154 points. The Aussie dollar on Monday was higher and buying 66.70 US cents.

The context: Powell's comments at a US college on Friday helped reinforce the view that the central bank might be done with hiking rates. Powell said the policy rate was in restrictive territory and putting downward pressure on economic activity and inflation. He said the full effects of tightening had likely not yet been felt.

In Australia on Monday, Origin shareholders will vote on a takeover offer from a consortium led by Brookfield and EIG, which has been encouraged by the board but slammed by major shareholder AustralianSuper.