The ASX is trading lower today.
The S&P/ASX200 had dropped 22.20 points or 0.30% to 7,426.50 at time of writing after setting a new 20-day high.
Over the last five days, the index is virtually unchanged but is currently 2.70% below its 52-week high.
The bottom performing stocks were Pointsbet Holdings Ltd down 12.88% and Whitehaven Coal Ltd down 7.6%.
Back on the inflation front
RBA Deputy Governor Guy Debelle fronted the Senate Estimates committee saying that the theory that increasing inflation may signal that quantitative easing as a means of financing government deficits is becoming "problematic" was wrong.
"We are looking to generate a little higher inflation than we've had over the last five or six years, so that … as well as generally more jobs for Australians," Dr Debelle said.
"Those are the objectives of the setting of monetary policy … but a little bit more inflation is welcome, but a lot more inflation is not welcome."
The RBA will publish its revised forecasts on Tuesday and is due to release updated forecasts in its Statement on Monetary Policy next Friday.
Google defends its power
Google has a dominant market position in Australia but it seems our consumer watchdog – the ACCC – wants to temper that influence.
"People use Google Search because it's helpful, not because they have to and its popularity is based on quality that's built on two decades of innovation," a Google spokesman said in response to the watchdog’s position on mandatory 'choice screen' and other measures to rein in its power.
"Android gives people choice by allowing them to customise their device – from the apps they download to the default services for those apps.
"Pre-installation benefits users by making it easier for them to use services quickly and easily.
"We are continuing to review the report and look forward to discussing it with the ACCC and government.”
ACCC chair Rod Sims countered by saying Google pays Apple billions to be the default search engine on Apple devices, which would raise red flags in other industries.
"If you're so popular, why do you need to pay everybody to become the default?" Sims asked.
"Secondly, when you're so dominant, then you are the source of innovation.
"Do we want all the innovation to come from Google, or would we like different forms of innovation?
"I accept that pre-installs are helpful but there is a fine line between being helpful and preserving your dominance," Sims said.
Google has the same deal with Android as with Apple.
On the small cap front
Cobalt Blue Holdings Ltd (ASX:COB, OTC:CBBHF) is up 6.82%. COB continues to demonstrate the advantages of its Broken Hill Cobalt Project (BHCP) Pilot Plant in the far west of New South Wales, Australia, with the first cobalt sulphate samples produced.
Future Metals NL (ASX:FME, AIM:FME) is up 2.78%, having uncovered high levels of platinum group metals (PGM) from the first crop of drill holes in its ongoing field season at one of Australia’s largest and highest-grade PGM assets.
archTIS Ltd is up 1.05% after announcing its first government contract in partnership with Okera.