ASX Market Update: Marginal Gains Expected as Investors Await RBA Decision

September 23, 2024 09:45 AM AEST | By Team Kalkine Media

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ASX Market Update: Marginal Gains Expected as Investors Await RBA Decision — Image source: shutterstock

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The ASX200 is projected to open 0.11% higher today, building on Friday’s record close of 8209.5 points. Investors are focused on the upcoming Reserve Bank of Australia (RBA) meeting this week, with attention centered on potential developments in the interest rate landscape.

In the U.S., market volatility marked the close of the trading week, driven by a significant 50 basis point rate cut from the Federal Reserve. Following a rally on Thursday, Friday’s session ended mixed. The S&P 500 and Nasdaq Composite experienced declines of 0.2% and 0.3%, respectively, while the Dow Jones Industrial Average added 36 points, reflecting the cautious sentiment among traders.

The RBA’s meeting on Tuesday is a key event for the week, as market participants assess the likelihood of any action on the cash rate. While some central banks have recently lowered rates, many are speculating that the RBA might opt to maintain its current policy, choosing to delay any adjustments for the time being.

On the ASX, today marks the debut of Webjet Group Ltd (ASX:WJL) after a demerger from the broader Webjet business. This new entity will focus on the business-to-consumer (B2C) segment of the travel market, representing a fresh opportunity in the online travel space.

In corporate news, New Zealand-based Heartland Group Holdings Ltd (ASX:HGH) has announced a leadership transition. Andrew Dixson has been appointed as the new Chief Executive Officer, succeeding Jeff Greenslade. This strategic move is expected to drive future growth for the financial services company as it navigates evolving market conditions.

Additionally, Lunnon Metals Ltd (ASX:LM8) has reported notable results from its Lady Herial prospect in Western Australia. The company revealed gold grades of up to 5.27 grams per tonne across an 18-meter intercept, signaling promising developments in the region’s mineral exploration activities.

The market outlook for the week remains closely tied to the outcome of the RBA’s decision, as investors continue to monitor global central bank moves and their potential impacts on financial markets.

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