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Australian Shares Slip as Banks and Miners Weigh on the ASX 200
Australian shares slip as banks and miners weigh on the ASX 200, with the index down 0.48 per cent at midday.
Key points
- The Reserve Bank lifted the cash rate by 25 basis points to 4.85 per cent, its highest mark since late 2008.
- Canva will cut or relocate almost 1300 jobs, amounting to more than a fifth of its total workforce.
- Ramelius Resources has hired Barrenjoey to chase an acquisition of Northern Star's Carosue Dam gold mine, worth an estimated $800 million.
Why it matters. Investors are absorbing the Reserve Bank's rate rise while warily awaiting early tallies from the US midterm elections, a dual squeeze on the local market.
Australian shares slipped on Wednesday, with the S&P/ASX 200 down 42.7 points, or 0.48 per cent, to 8844.1 by midday. The broader All Ordinaries lost 40.4 points, or 0.45 per cent, to 8968.5, after the Reserve Bank lifted the cash rate by 25 basis points to 4.85 per cent, its highest mark since late 2008. Moomoo strategist Tapas Strickland said copper fell 2.5 per cent, and all big four banks were in the red as financials lost 0.9 per cent.
Latest updates
Australian Shares Slip as Banks and Miners Weigh on the ASX 200
Australian shares eased on Wednesday as investors weighed the Reserve Bank's latest interest rate decision and the uncertain outcome of the US midterm elections. By midday, the S&P/ASX 200 had fallen 42.7 points, or 0.48 per cent, to 8844.1. The broader All Ordinaries index lost 40.4 points, or 0.45 per cent, to 8968.5. Banks, miners and health stocks were the main drags on the market, despite a recent fall in oil prices. Talks aimed at avoiding an escalation of conflict involving Iran also continued, adding to market caution.
Australian Shares Fall as US Tech Earnings and RBA Rate Fears Weigh
Australian shares closed lower on Monday in a modest start to the trading week. The benchmark S&P/ASX 200 finished down 51.6 points, or 0.58 per cent, at 8856.5. The All Ordinaries slid 48.2 points, or 0.53 per cent. Traders pointed to uneven earnings from US technology companies and mounting uncertainty ahead of the Reserve Bank of Australia's looming interest rate decision as the main drags on the market.