Falls expected after Wall Street wobbles 10:03am: So what can we expect from the RBA's Statement on Monetary Policy (SOMP) released today? ANZ analysts say it's likely to give another fairly subdued near-term outlook for the economy. The RBA governor, Glenn Stevens, already flagged in his Tuesday board meeting statement that he expects the economy to grow below-trend in the near-term. "We expect the Bank's near-term underlying inflation forecast profile to be largely unchanged, although there is the possibility of a small upgrade to underlying inflation in June 2014," ANZ said today. Headline inflation however is likely to be revised higher over the coming year due to base effects and the possible inclusion of tobacco excise increases. The analysts say there's also a chance the central bank will lift its forecast of the 2014 GDP numbers. In the August SOMP, the RBA had a forecast of 2½-3½ per cent growth in 2014. "We continue to think that the Bank retains a very mild easing bias, but would be reluctant to act on it without a major development in the global economy, the Australian dollar or the unemployment rate," they add. 9:57am: Macquarie Group is set to make a 500 million pound ($850 million) all-cash offer for Lloyds Banking Group's Scottish Widows asset management arm in the next two weeks, which could push Aberdeen Asset Management out of the race, the Wall Street Journal is reporting. 9:47am: Twitter has hit Wall Street with a bang, with shares jumping as high as 92 per cent on its opening day on the NYSE. "Honored to join ev jack biz dickc & the Twitter team at their historic IPO this morning," Stewart tweeted, referring to founders Evan Williams, Jack Dorsey, Biz Stone, and Twitter chief executive Dick Costolo. "We have a lot of work ahead of us" Costolo told CNBC television from the floor of the stock exchange. All the capital raised by this is going into the company. Making a splash: Shares jumped as high as 92 per cent on its opening day. 9:37am: Qantas has announced it is closing its heavy maintenance base at Melbourne's Avalon airport, a move which is expected to see 300 workers lose their jobs The base services the airline's soon-to-be-retired Boeing 747s. The airline told unions late last night that a plan they had presented to Qantas on Wednesday - which engineers argued would save their jobs and the company up to $14 million - had been rejected. 9:32am: Local shares are set to open lower, following the lead of Wall Street, which had its worst day since late August despite the stunning opening day from Twitter. What you need2know this morning: SPI futures down 30 points to 5399 AUD fetching 94.51 US cents, 92.39 yen, 70.36 euro cents, 58.69 pence On Wall Street, Dow Jones -1%, S&P500 -1.3%, NASDAQ -1.9% In Europe, Eurostoxx -0.4%, FTSE100 -0.7%, CAC -0.1%, DAX +0.4% Spot gold down 0.9% to to $US1306.48 an ounce Brent oil falls 1.8% to $US103.39 per barrel Iron ore slips 0.1% to $US138.70 per tonne 9:32am: Good morning. Welcome to the Markets Live blog. Contributors: Jens Meyer, Max Mason, Luke Higgs