Aust stocks open flat

Local market edges slightly lower as investors await RBA's cash rate call.

The Australian stock market opened unchanged after Wall Street toppled from record highs, with investors sitting on their hands ahead of the Reserve Bank's cash rate decision due this afternoon. 

At the 1015 AEST official market open, the benchmark S&P/ASX200 index fell 0.14% to 5,104.3 points, while the broader All Ordinaries index also lost 0.14% to 5,086.8 points.

IG market analyst Evan Lucas said all eyes would be on the Reserve Bank's cash rate decision today but data out of the US overnight showing an acceleration in the economy would "will influence the markets for the next several months". 

He expected the local market to test the 5100 mark. 

The Australian Bureau of Statistics releases June's international trade in goods and services figures and the house price indexes for eight capital cities for the June quarter.

Also due out is the ANZ job advertisements series for month just ended.

In Australia, the market on Monday posted a slight fall, ending two weeks of gains by the market's largest companies.

The weaker performance was linked to data out of the United States on Friday that showed less jobs were created than expected in July, CMC Markets senior trader Tim Waterer said.

The benchmark S&P/ASX200 index was down 5.5 points, or 0.11%, at 5,111.3 points, while the broader All Ordinaries index was down 4.9 points, or 0.10%, to 5,093.8 points.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles