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ASX200: RBA in Focus after a Bullish Session on Wall Street
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Futures point northwards after Wall Street's overnight rally. The RBA will be in action later this morning, however...
Economic Calendar
Tuesday, 7th December
House Price Index (QoQ) (Q3)
RBA Interest Rate Decision & Rate Statement
The ASX200
It was a mixed day for the ASX200 on Monday. Following a 0.22% gain on Friday, the ASX200 rose by 0.05% to end the day at 7,245.
Market concerns over the Omicron strain continued to weigh following Friday’s pullback on Wall Street. Supported by a surge in the U.S futures markets, however, the ASX200 reversed losses from the day to end the day in the green.
It was a mixed day for mining stocks, while the Big-4 delivered much-needed support. Tech stocks continued to struggle, however, with Afterpay Ltd down 4.32% on the day and Xero Ltd down 1.79%.
The Stats
It was a particularly quiet day on the economic data front, with no major stats through the Asian session to provide direction.
The Market Movers
It was a relatively bullish day for the banks. CBA led the way, rising by 0.65%, with NAB ending the day up by 0.29%. Macquarie Group (+0.17%), Westpac (+0.10%), and ANZ (+0.04%) all saw modest gains, however.
The commodity stocks had a mixed session. Newcrest Mining rallied by 1.54%, with Fortescue Metals Group Ltd rising by 0.29%. Rio Tinto and BHP Group fell by 1.78% and 1.59% respectively, however.
Other Asian Markets
Elsewhere, it was a bearish session. The CSI300 and the Nikkei 225 fell by 0.17% and by 0.36% respectively, with the Hang Seng Index ending the day down by 1.76%.
The Day Ahead
It’s a relatively quiet day ahead on the Aussie economic calendar. House price figures for the 3rd quarter are due out in the early part of the session. The numbers are unlikely to have an impact on the ASX200, however.
The RBA monetary policy decision and, more importantly, the rate statement will be key. Following a shift in policy guidance by the FED, the markets will be looking for change in forward guidance stemming from persistent inflationary pressure and the new Omicron strain.
Going into the open, the overnight Wall Street bounce back should deliver support.
The Futures
In the futures markets, at the time of writing, the ASX200 was up by 29 points.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Bob Masonauthor
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.
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