ASX 200 live: RBA cuts rates to 3.85pc; NAB, ANZ first major banks to move; ASX up as CBA, TechOne hit record highs

'Strong case' for more cuts after Reserve Bank delivers mortgage relief for millions. Shares gain as investors pile into CBA. Rio strikes $1.39bn lithium deal. TechnologyOne rallies on profit upgrade.

The ASX is higher as investors anticipate RBA's second rate cut this year. Picture: Gaye Gerard/NCA Newswire

Welcome to the Trading Day blog for Tuesday, May 20. The ASX 200 is up 0.6 per cent to 8344.40 points at 3pm AEST following the RBA's second rate cut this year.

The RBA has cut interest rates by a further 25 basis points to 3.85 per cent.

On Wall Street, the Dow Jones Industrial Average rose 0.3 per cent. The S&P 500 and the technology-focused Nasdaq finished fractionally higher.

Cryptocurrency giant bitcoin is trading above $US106,000.

The Australian dollar is near US64.26c.

Originally published as ASX 200 live: RBA cuts rates to 3.85pc; NAB, ANZ first major banks to move; ASX up as CBA, TechOne hit record highs