The Latest Breaking News from Sue Lannin

The ASX loses ground on US debt ceiling impasse and lower iron ore prices, CBA lifts variable home loan rates, and the Reserve Bank of New Zealand lifts official rates to 5.5 per cent, the highest in 14 years.

The ASX finished lower ahead of tonight's federal budget and Commonwealth Bank's CEO has warned of tough times ahead, despite a better-than-expected quarterly profit.

Australian stocks make gains as profit-reporting season moves into full steam, even as KPMG and a major bank warn of the fallout of further interest rate hikes.

Australian and US shares gain as the Federal Reserve opts for a smaller interest rate rise as inflation in North America cools.

Australian shares reach a new nine-month high amid a day of volatile trade. Investors are awaiting the latest quarterly inflation numbers, which will influence the Reserve Bank of Australia's next move on interest rates.

The ASX rallies to the highest point since last April and the Australian dollar jumps to a five-month high above 70 US cents, while Virgin Australia's owner, Bain Capital, considers a public float of the airline.

The ASX gains as the cost of living in the US falls for the first time in more than two years, raising hopes the US central bank will ease interest rate rises. Look back on the day's events and insights from our business reporters on the ABC News markets blog.

The ASX and Wall Street rally as investors hope that US inflation has cooled and will prompt the Fed to scale back its interest rate rises. Look back on the day's events and insights from our business reporters on the ABC News live markets blog.

The cost of living continues to climb and employers are still scrambling to find workers, but the Australian share market has jumped 1 per cent thanks to big miners and a rise on Wall Street.