There is a fair bit of economic data coming out today, not least of all the Reserve Bank's target cash rate decision. This is the first time in years that the 2.30pm announcement feels exciting.

ANZ's economics team is expecting a 0.25 per cent cut in the cash rate.

"Our analysis of the recent CPI data suggests the RBA faces a downward trend in core inflation unless it cuts," ANZ's Cherelle Murphy wrote in a note to clients this morning.

She also writes that ANZ-Roy Morgan Australian Consumer Confidence is due at 9:30am, and retail trade data for March are due at 11:30am.

"We expect 0.2 per cent increase in nominal terms in the month (market expects: 0.2 per cent) and a 0.7 per cent increase in the quarter in real terms (market expects: 0.3 per cent). Trade data, also at 11:30am, are expected to show a smaller surplus in March than the $4.8 billion recorded February: we expect $4 billion (market expects $4.5 billion)."

Shadow treasurer Chris Bowen has questioned government approval of Brookfield's $4.4 billion foreign takeover of Australia's largest private hospital operator, Healthscope, over the Canadian investment giant's use of the controversial Cayman Islands tax haven. In a move that could signal tougher scrutiny of offshore takeover bids under a Labor government, Mr Bowen wrote to Treasurer Josh Frydenberg on Monday asking if the Foreign Investment Review Board's approval of the deal in March included appropriate consideration of tax, transparency and competition issues.

Brookfield, like many local and multi-national companies, uses tax havens such as the Caymans to legally minimise the amount of tax it pays in Australia. Mr Bowen in his letter claims neither Brookfield nor its parent entity in the Cayman Islands paid company tax in Australia based on "publicly available corporate tax transparency data".

The amount of tax large foreign companies pay in local jurisdictions has become a major political issue with US tech companies such as Google and Facebook forced to defend their tax minimisation practices. Investment companies such as Brookfield have attracted less scrutiny but Mr Bowen's letter suggests a Labor government could take a more interventionist approach over tax across other industries.

Read the full story from Colin Kruger here

Billionaire investor Alex Waislitz has backed a company using robots in an attempt to slash power bills even as its former chairman James Baillieu claimed he was ousted from the company by "secret schemes". BidEnergy, the former penny stock energy tech that became the ASX's best performer in 2018, secured the backing of Mr Waislitz despite Mr Baillieu making allegations against the company's current board and its members.

On Friday, Mr Waislitz's fund TIGA Trading took a 5.85 per cent stake in BidEnergy, making it the third largest shareholder in the company. At the close of Monday trading, the value of his investment had risen by almost 22 per cent as the company's market capitalisation topped $100 million. Mr Waislitz was approached for comment.

Late last month Mr Baillieu alleged current directors had breached their board duties as he went head-to-head with chief executive Guy Maine. Mr Baillieu, a prominent Melbourne investor, sent a letter to shareholders on April 26 claiming his removal from the board was part of a "secret scheme" which could have "significant implications for the current operation and management of BidEnergy".

Read the full story from Cole Latimer here

Long-Term Asset Partners has withdrawn a $2.4 billion offer for Australian agribusiness Graincorp, just days before a deadline for a $350 million sale of part of Graincorp to another party.

Long-Term Asset Partners (LTAP) confirmed on Monday it had withdrawn its non-binding, indicative proposal to buy Graincorp, despite months of due diligence and the acquisition of about 4.2 per cent of Graincorp's shares.

LTAP chairman Tony Shepherd said LTAP had been a very serious bidder with significant Australian and international backing.

"Had due diligence supported our operational assumptions, we are confident we would have turned the LTAP proposal into a binding offer as contemplated," Mr Shepherd said.

Read the full story from Darren Gray here

IG MARKETS SPONSORED POST

ASX futures up 25 points or 0.4% to 6275 at about 7.30am AEST

AUD -0.3% to 69.98 US cents
On Wall St: Dow -0.3%, S&P 500 -0.5%, Nasdaq -0.5%
In New York, BHP -1.7%, Rio -1.4%, Atlassian +0.1%
In Europe: Stoxx 50 -1.1%, FTSE closed, CAC -1.2%, DAX -1%
Spot gold +0.2% to $US1282.24 an ounce at 1.19pm New York time
Brent crude flat at $US70.82 a barrel
US oil -0.1% to $US61.90 a barrel
Iron ore +0.2% to $US94.34 a tonne
Dalian iron ore +0.4% to 636 yuan
LME closed for bank holiday
2-year yield: US 2.30%, Australia 1.28%
5-year yield: US 2.29%, Australia 1.33%
10-year yield: US 2.50%, Australia 1.73%, Germany 0.00%
10-year US/Australia yield gap: 77 basis points

IG MARKETS SPONSORED POST

The Australian sharemarket is poised to open higher after a tumultuous session overnight, but comments from US officials about China reneging on trade commitments will surely weigh. This afternoon, the RBA will announce its interest rates decision. The first day of the week's trade can be reasonably said to have ended – and it was a tumultuous one. US President Trump's tweeting of new tariffs on the Chinese economy sparked a level volatility not experienced in the financial markets for several months. It certainly had the effect of waking some (perhaps) complacent market participants from their slumber.

Wall Street was closed when this information became public. However, during US trade, the S&P500 progressively climbed over night, after gapping considerably at its open. On any other day, one would suggest that the action seen in US equities overnight was negative: the S&P500 is down just shy of 0.5 per cent, with market breadth a lowly 26 per cent. But considering the circumstances, along with lead handed to US traders from Europe and Asia, the price action ought to be viewed with a silver lining. The buyers in the market still seem to outweigh the sellers in the big picture, for now.

Good morning and welcome to today's Markets Live blog.

Your editor today is Lucy Battersby (lbattersby@theage.com.au).

This blog is not intended as financial advice.