Shares decline in afternoon trading as Wall Street struggled to extend its rebound; Reserve Bank interest rate decision at 2:30pm AEDT; GQG Partners FUM drops; oil rises. Follow updates here.
Australian shares declined as investors await the outcome of Tuesday’s Reserve Bank meeting. The benchmark S&P/ASX 200 index fell 0.4 per cent or 28.9 points to 6969.7 as of 2:00pm AEDT, weighed by financials and real estate stocks. The All Ordinaries fell 0.4 per cent. All the major banks recorded losses, led by Westpac. Its shares dropped 2.8 per cent. ANZ down 1.2 per cent, National Australia Bank 1.1 per cent and Commonwealth Bank 0.6 per cent. The Reserve Bank’s policy statement at 2.
What’s driving markets For Wall Street, the question is whether the rally triggered by Federal Reserve keeping interest rates on hold and more balanced comments from chairman Jerome Powell will prove sustainable. Morgan Stanley’s Mike Wilson remains a sceptic: “While we will keep an open mind, the move thus far looks more like a bear market rally rather than the start of a sustained upswing, particularly in light of weaker earnings revisions and macro data.
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