Market Commentary - Foreign Markets
Australian markets end lower after RBA holds key rate As on : 05-Nov-24  16:18

Australian markets fell slightly as the Reserve Bank of Australia held the official cash rate at 4.35 percent and signaled no immediate plans for rate cuts.

The benchmark S&P/ASX 200 dipped 0.40 percent to 8,131.80, with financials and consumer stocks leading losses. The broader All Ordinaries index closed 0.42 percent lower at 8,387.80.

Domino's Pizza Enterprises slumped 6.3 percent after an announcement that long-time chief executive and managing director Don Meij will retire effective 6 November.

Australia central bank maintained its interest rate for the eighth straight session at a 13-year high on Tuesday as underlying inflation remains too high.

The policy board of the Reserve Bank of Australia governed by Michele Bullock decided to hold the cash rate target at 4.35 percent.

The bank had previously changed its rate in November 2023, when it was lifted by 25 basis points to the highest level since late 2011.

The interest rate paid on Exchange Settlement balances was kept unchanged at 4.25 percent.

The committee said it needs to remain vigilant to upside risks to inflation and is not ruling anything in or out.

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