Market Commentary - Foreign Markets
Australian Markets End Lower After RBA Minutes As on : 02-Jul-24  17:05

Australian markets ended lower as the minutes of the Reserve Bank's June policy meeting showed that the board judged the case for holding rates steady stronger than for hiking.

The benchmark S&P/ASX 200 dropped 0.42 percent to 7,718.20, with miners and financials pacing the declines. The broader All Ordinaries index slipped 0.41 percent to 7,959.70.

The Reserve Bank of Australia's June meeting minutes reveal ongoing concerns about inflation risks. Data emphasizes the need for vigilance as achieving the inflation target without deviating from full employment becomes challenging.

Uncertainty prevents ruling out future rate changes. The RBA will closely monitor global economic developments, domestic demand, and labor market trends, prioritizing inflation control.

The Reserve Bank of Australia kept the cash rate at 4.35% in June, unchanged for the fifth time since November 2023.Economic activity shows signs of slowing with lower GDP growth, higher unemployment, and weak wage growth.

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