Australian shares were almost flat today, as the Reserve Bank held rates steady in line with market expectations.
At 2.40pm, the ASX200 gave up 0.2% to 4124.9, while the broader All Ordinaries index also lost 0.2% to 4164.0.
The slight fall follows mixed performance on Asian markets. The Hang Seng gained 2.2% while the Nikkei was flat.
Ben Taylor, a sales trader at CMC markets, said yesterday’s manufacturing data, which showed a further fall, points to the effects of the global slowdown.
However, “the market is holding ground based on the proposed global stimulus push.”
The Australian dollar rose today before falling slightly after the RBA’s announcement. It is currently buying $US1.026.
ABOUT THE AUTHOR
Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.