The Australian sharemarket was little changed at the open as investors take stocks ahead of a Reserve Bank meeting on Tuesday widely expected to deliver the third interest rate cut of the year.
Financial markets have fully priced in a 25 basis point cut to 3.6 per cent on Tuesday, with a slim chance of a double cut. Investors are also awaiting the release of US inflation data also on Tuesday, expected to show a slight increase in July.
The S&P/ASX 200 index was up 0.4 per cent, or 35.20 points to 8842.30 at 10.15am AEST . Gains were stronger than the 5 points jump futures had forecasted.
Monday's bounce was driven by the materials, which were now up 6.6 per cent in the past five sessions. BHP rallied 1.6 per cent, Rio Tinto 1.5 per cent and Fortescue by 1.3 per cent on an uplift in iron ore. Pilbara Minerals surged 17.1 per cent as Bloomberg says CATL has suspended production at the Jiangxi mine for three months.
Tech was the weakest sector on the bourse as Xero and TechnologyOne fell 1 per cent.
Sumber : AFR
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