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Free AccessAustralian Stocks Outperform On Lower Than Expected RBA Hike
The regional equity space has been quieter today, with China and Hong Kong markets closed. All major indices, that are open, are in positive territory though, following firm leads from US markets overnight. US futures have continued this positive momentum during today's session, up a further 0.80-0.901% across the major futures.
- Australian stocks are a standout, up over 3.50%, for the strongest daily gain since June 2020.
- Markets were already in positive territory but were aided by the lower than expected RBA hike (25bps versus 50bps expected). The major banks led the move higher (+4%), but consumer related stocks have also gained by 4-5%.
- Tech sensitive markets like the Nikkei 225, Kospi and Taiex are the other strong performers. The Kospi has gained just under 2.50%, while the TWSE is +2% for the session so far. Electronic sub-sectors have led the way following strong tech gains in US markets.
- The authorities may launch the Korean stock stabilization fund this month.
- Gains elsewhere have been lower, but still positive. Indian shares are the next best performer, up over 1.8% in the first part of trading.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.