ASX flat after rates hold surprise, mining giants slump
The numbers
The Australian sharemarket fell on Tuesday, dragged down by mining giants, after the Trump administration ramped up pressure on trading partners to make deals before harsh tariffs took effect.
The Reserve Bank's surprise decision to wait to cut interest rates also led shares to dip and the Australian dollar to rise around 2.50pm (AEST) after the announcement. The currency rose from US65.12¢ shortly before the decision to as high as US65.57¢ in the minutes after.
The S&P/ASX 200 ended Tuesday 0.02 per cent lower at 8590.70 after US stocks fell overnight amid a big fall in Tesla shares and a fresh threat from US President Donald Trump to impose higher tariffs on key US trade partners. Seven of the ASX's 11 sectors finished lower on Tuesday, with consumer discretionary, financials, technology and telecommunications higher. The broader All Ordinaries rose 2.3 points, or 0.03 per cent, to 8828.7.
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The lower finish followed Monday's 0.2 per cent fall as investors awaited the rates decision, which markets had priced in as a 0.25 percentage point cut.
The lifters
The consumer discretionary sector closed higher. The largest company in the sector, Wesfarmers, slipped after the rates announcement but closed out the day 0.5 per cent higher.
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7NEWS
2 hours ago
- 7NEWS
The Issue with Tim Lester: Diplomat Geoff Raby on Anthony Albanese's all-important meeting with Xi Jinping in China
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Perth Now
2 hours ago
- Perth Now
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News.com.au
4 hours ago
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Trump threatens Canada with higher tariff, mulls further global levies
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