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Interest rates are very likely to come down in Australia after the country re-elected its conservative government in a snap election Saturday.

What's happening: Given last week's soft unemployment and inflation reports, "the Reserve Bank of Australia will have no choice but to cut interest rates next month and follow with additional easing in the fall," says BK Asset Management's Managing Director of FX Strategy Kathy Lien in an email to clients.

  • "The market is only pricing in a 69% chance of a June rate cut but we think the odds are closing to 90-95%."

That will likely mean good news for Australia's stock market if it follows the pattern set by New Zealand's rate cut last month. New Zealand's stock market has been one of the only global benchmarks to remain in the green since Trump reinvigorated the U.S.-China trade war earlier this month.

  • Quizzically, and to the chagrin of policymakers, the kiwi has strengthened against the U.S. dollar since the May 8 rate cut. The Australian dollar followed suit Sunday night.

The big picture: Australia would become the 3rd major central bank, following New Zealand and India, to cut rates this year. This was supposed to be the year of global quantitative tightening, but things are drifting in the opposite direction. Expect more central banks to cut rates as the year continues.

Go deeper: Australia is fighting to go 28 years without a recession

Go deeper

The E-commerce shopping spree

Illustration: Aïda Amer/Axios

Retailers have gotten really good at selling stuff online. So much so, investors want them to separate from the business units that do just that.

Why it matters: Spinning off these crown jewels may jeopardize both the physical and e-commerce sides of the companies in the long run by breaking the benefits of hybrid operations, analysts say.

1 hour ago - World

U.S. envoy to visit Sudan as "most dangerous" crisis intensifies

The sit-in in Khartoum. Photo: Mahmoud Hjaj/Anadolu Agency via Getty

U.S. envoy for the Horn of Africa Jeffrey Feltman will visit Khartoum this week amid what Prime Minister Abdalla Hamdok has called the “worst and most dangerous" crisis of Sudan’s transition to democracy, two sources with direct knowledge tell Axios.

Driving the news: Roughly 2,000-3,000 people had joined a sit-in in Khartoum as of this afternoon, per Reuters, after protesters massed over the weekend to call on the military to bring down the government. The protests came just four weeks after a failed military coup.

Trump sues National Archives, Jan. 6 committee to block records request

Photo: Chip Somodevilla/Getty Images

President Trump filed a lawsuit Monday seeking to block the National Archives from releasing White House records to the House select committee investigating the Jan. 6 Capitol insurrection, citing executive privilege.

Why it matters: It's the latest escalation in Trump's campaign to disrupt the committee's sweeping probe into the circumstances surrounding Jan. 6, including his actions and communications leading up to the Capitol attack.