ASX 200 Snaps Two-Day Rise Ahead of RBA Rate Decision
The ASX 200 lost 52 points, or 0.6%, to close at 8,857 on the first trading day of a new month, halting gains in the prior two sessions as caution prevailed ahead of Tuesday’s Reserve Bank of Australia rate decision. The central bank is widely expected to deliver its fifth hike this year to curb persistent inflationary pressures. Meanwhile, manufacturing data in top trading partner China sent mixed signals, with the official PMI unexpectedly contracting while a private survey showed further expansion. Still, losses were partly capped by a sharp rise in U.S. stock futures as oil prices fell, amid reports that the U.S. and Iran are seeking diplomatic efforts on the Middle East conflict. Non-energy minerals, healthcare, logistics, and financials led declines, partly offset by strength in transport, consumer, and industrial services. Three of the four major banks fell, while BHP Group (-1.5%) and Rio Tinto (-1.2%) also slipped. Gold miners weakened, led by Northern Star Resources (-4.5%).
The ASX 200 lost 52 points, or 0.6%, to close at 8,857 on the first trading day of a new month, halting gains in the prior two sessions as caution prevailed ahead of Tuesday’s Reserve Bank of Australia rate decision. The central bank is widely expected to deliver its fifth hike this year to curb persistent inflationary pressures. Meanwhile, manufacturing data in top trading partner China sent mixed signals, with the official PMI unexpectedly contracting while a private survey showed further expansion. Still, losses were partly capped by a sharp rise in U.S.
stock futures as oil prices fell, amid reports that the U.S. and Iran are seeking diplomatic efforts on the Middle East conflict. Non-energy minerals, healthcare, logistics, and financials led declines, partly offset by strength in transport, consumer, and industrial services. Three of the four major banks fell, while BHP Group (-1.5%) and Rio Tinto (-1.2%) also slipped.
Gold miners weakened, led by Northern Star Resources (-4.5%).