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ASX 200 Falls 0.58% to 8856.5 as Tech Sell-Off Hits Ahead of RBA Decision
Australian shares fell 0.58% to 8856.5 as a tech sell-off in the US and an expected RBA rate hike weighed on investors.
Key points
- The S&P/ASX200 dropped 51.6 points, or 0.58 per cent, to 8856.5 on Monday.
- The Nasdaq fell 2.9 per cent on Friday after disappointing quarterly earnings from Intel and Amazon.
- KMD Brands is in exclusive talks with US-based Bluestar Alliance, though no transaction is guaranteed.
Why it matters. Investors may stay cautious ahead of the Reserve Bank of Australia's expected rate increase on Tuesday, following the tech-led selloff in the United States.
Australian shares fell on Monday as a US tech sell-off and expectations of a Reserve Bank of Australia rate increase weighed on investors. The S&P/ASX200 dropped 51.6 points, or 0.58 per cent, to 8856.5, while the All Ordinaries shed 48.2 points to 8977.2. Market strategist Tapas Strickland of Moomoo Australia said investors were reluctant to take fresh risks ahead of Melbourne Cup Day, when the RBA is widely tipped to deliver its fifth rate increase of the cycle.
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ASX 200 Falls 0.58% to 8856.5 as Tech Sell-Off Hits Ahead of RBA Decision
Australia's sharemarket fell on Monday after a sharp tech sell-off on Wall Street. The benchmark S&P/ASX 200 dropped 51.6 points, or 0.58 per cent, to 8856.5. The broader All Ordinaries index shed 48.2 points, or 0.53 per cent, to 8977.2. Investors were anxious ahead of an expected Reserve Bank rate hike on Tuesday. The tech-heavy Nasdaq also weakened in the United States.