Australia Shares Subdued Ahead of RBA Rate Call
Australian stocks were almost flat, hovering around 8,674 on Tuesday morning deals after logging modest gains in the prior session. Strength in consumer durables, tech, and manufacturing was offset by weakness in commercial services, utilities, and energy minerals. Traders anticipated August household spending later today following the third straight month of increase in July, while inflation figures will also be due in the coming days. On the monetary front, the Reserve Bank will deliver a policy decision later today, with markets expecting a further tightening following three hikes since the start of the year as inflation remains sticky. On Wall Street, equities ended lower overnight amid rising U.S. Treasury yields and volatility from geopolitical tensions and higher oil prices. Among top movers were Codan Ltd. (16.4%), South32 Ltd. (2.6%), and Nextdc Ltd. (1.2%). On the downside, Greatland Resources (-2.3%), Cochlear Ltd. (-2.0%), and Regis Resources (-1.2%).
Australian stocks were almost flat, hovering around 8,674 on Tuesday morning deals after logging modest gains in the prior session. Strength in consumer durables, tech, and manufacturing was offset by weakness in commercial services, utilities, and energy minerals. Traders anticipated August household spending later today following the third straight month of increase in July, while inflation figures will also be due in the coming days. On the monetary front, the Reserve Bank will deliver a policy decision later today, with markets expecting a further tightening following three hikes since the start of the year as inflation remains sticky.
S. Treasury yields and volatility from geopolitical tensions and higher oil prices. Among top movers were Codan Ltd. 4%), South32 Ltd.
6%), and Nextdc Ltd. 2%). 3%), Cochlear Ltd. 2%).