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MoneyAustralia shares eke out gains, banks weaken ahead of likely RBA rate cut

07:40  04 june  2019
07:40  04 june  2019 Source:   reuters.com

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The Reserve Bank of Australia ( RBA ) is expected to cut its policy rate by reducing the cash rate to a record low 1.25%, as the central Banking stocks traded within a tight range after media reported that Australia ’s treasurer has told the heads of the country’s big four banks that the government wants

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Australian shares moved higher on Tuesday, with mining stocks gaining in force, ahead of a central bank meeting where the cash rate is expected to be cut for the first time in almost three years.

Australia's S&P/ASX 200 index was 0.1%, or 6.2 points, higher at 6,327.1 by 0155 GMT. The benchmark lost 1.2% on Monday.

The Reserve Bank of Australia (RBA) is expected to cut its policy rate by reducing the cash rate to a record low 1.25%, as the central bank looks to revive growth and inflation.

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As expected, the Reserve Bank of Australia ( RBA ) lowered the policy rate by 25 basis points, the first easing in three years to support an economy forecast Australian treasurer urges banks to pass on any rate cut - media. President Donald Trump has been urging the Federal Reserve to cut interest

The Reserve Bank cut the cash rate to a historic low of 1%. Philip Lowe mentioned a few positive points for the economy, which suggests it will likely pause for a few months before seriously considering further interest rate moves. The RBA cuts interest rates again. How low will they go? |

"My fear is that markets will continue to drift because if the RBA does cut rates, the concern is what next....When you're cutting rates and you're already at 1.25%, it does not leave you a lot of wriggle room," said Nick Twidale, chief operating officer at Rakuten Securities Australia.

Banking stocks traded within a tight range after media reported that Australia's treasurer has told the heads of the country's big four banks that the government wants them to pass on in full any cash rate cut by the central bank.

"If there's any margin contraction there then, although they ("Big Four" banks) are generous dividend payers historically, there will be some questions on their ability to continue to pay big dividends and that could be a concern," said Twidale.

What tomorrow’s RBA decision means for you

What tomorrow’s RBA decision means for you The Reserve Bank is universally forecast to cut interest rates tomorrow. If it happens it will be the first time it's moved rates in almost three years. But smart mortgage shoppers already know they don't need the Reserve Bank to cut the cost of their borrowing. Take David Stableford, who by his own admission, is obsessive about trying to get the cheapest mortgage rate. © 9News A Reserve Bank of Australia decision to cut interest rates could save families around the country hundreds of dollars a month. “People take the mickey out of me because I go after another 0.

The Reserve Bank of Australia board meets tomorrow with markets and economists expecting it to slice rates by a quarter percentage point. That would be its first cut since August 2016 with expectations it will follow through with at least another cut later this year. Mr Lawless said despite

The Reserve Bank has made its third reduction in the cash rate in five months. It takes the benchmark borrowing rate in Australia to yet another record low The government has tried to put a positive spin on the rate cut with Josh Frydenberg saying that the RBA has pointed to “a gentle turning point in the

Commonwealth Bank of Australia and National Australia Bank Ltd traded 0.3% and 0.4% lower at 0147 GMT.

Mining stocks in Australia's key resource space were up as much as 1.7%, after having lost 3.5% over the previous four sessions when geopolitical risks, principally over the escalating Sino-U.S. trade war, had raised doubts about growth and weighed on global risk sentiment.

Australia shares eke out gains, banks weaken ahead of likely RBA rate cut © Reuters/DAVID GRAY A board displaying stock prices is seen at the Australian Securities Exchange in Sydney Mining majors Rio Tinto and BHP Group gained as much as 2.1% and 2.4%, respectively.

Among other resource units, oil and gas firm Santos Ltd also gained up to 1.7%.

Gold stocks continued to enjoy bullion's safe haven status, pushing into a third straight session of gains and advancing as much as 1.8% to an over 7-year high.

Miners of the precious metal such as Newcrest Mining Ltd and Evolution Mining Ltd climbed up to 2% and 4.2%, respectively. Evolution hit a record high.

In other sector news, shares of Australian mine developer Clean Teq surged as much as 20% after it said it has started looking for partners for its nickel, cobalt and scandium project in central New South Wales, amid a boom in demand for battery metals.

Meanwhile, New Zealand's benchmark S&P/NZX 50 index fell 1.7% to 9,946.79.

New Zealand's largest builder Fletcher Building Ltd fell as much as 4.6% after it cuts its full-year earnings outlook.

Read more

ANZ chief denies putting 'profits before people' with rate move.
Passing on the RBA's rate cut in full would have been "politically expedient," but the bank was looking after depositors, ANZ chief says.

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