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Highlights
The ASX 200 opened lower on Tuesday.
All eyes are on RBA’s rate decision scheduled later in the day.
On Monday, the benchmark index finished 0.7% higher at 6,993 points.
The Australian share market opened lower on Tuesday, ahead of the Reserve Bank of Australia’s (RBA) interest rate decision meeting. The RBA’s statement is scheduled to be released by 2:30 PM (AEST). The Australian central bank is widely expected to hike the official cash rate by atleast 0.5% despite second quarter inflation data being on a lower side.
The ASX 200 index fell 16.10 points, or 0.23% to 6,976.90 at the open. The ASX All Ordinaries index fell 0.197% to 7,178.8, while the A-VIX surged 0.804% to 15.423 at the open. The benchmark index was trading at 6,952, down 41 points or 0.59% in the first ten minutes of trade. The index has gained 2.49% in the past five days but has dipped 6.28% on a year-to-date (YTD) basis.
On Monday, the benchmark index finished 0.7% higher at 6,993 points.
Global equity indices
Wall Street began the trading week on a muted note, with all major indices ending in the red, weighed by energy stocks. In the US, the Dow Jones declined 0.14%, the S&P 500 dipped 0.28%, and the NASDAQ ended 0.18% lower.
In Europe, the Stoxx 50 rose 1.5%, the FTSE surged 1.1%, the DAX gained 1.5%, and the CAC ended 1.7% higher.
Market action
US Treasury yields fell following the release of weak global economic data. The yield on benchmark 10-year notes last dropped to 2.5893%. The US 30-year bond yield last fell to 2.9206%.
Data Source: ASX (as of 2 August 2022, 10:30 AM AEST)
Image Source: © 2022 Kalkine Media®
Meanwhile, on the ASX, both energy and materials fell over 1%, while info tech and consumer discretionary reported modest rise.
Newsmakers
- Debt collector Credit Corp reported a 9% rise in net profit for FY2022.
- Artificial intelligence firm Appen issued another major downgrade, with first-half EBITDA falling over 60%.
- Software firm LiveTiles has requested to be removed from the ASX.
- Ramsay Health Care and Bupa have scrapped their Hospital Purchaser Provider Agreement.
