ASX 200 live: Platinum, L1 Capital lock in merger; RBA decision; bailout for Nyrstar smelters in Tas, SA 'very soon'

In a major surprise, the Reserve Bank has kept rates on hold amid global uncertainty and lower inflation. PM flags taxpayers will 'very soon' underwrite a major bailout of two failing metal smelters in two states.

Reserve Bank governor Michele Bullocks defends the central bank's surprise decision to keep rates on hold.Picture: Christian Gilles/NewsWire

Welcome to the Trading Day blog for Tuesday, July 8. The ASX 200 closed flat at 8590.7 points on Tuesday, with consumer-exposed stocks the biggest losers after the Reserve Bank kept rates on hold.

Utilities and property stocks also lost ground, while the technology sector found some support.

The Dow Jones index fell more than 400 points to close about 1 per cent lower, and the technology-focused Nasdaq also shed 1 per cent. The S&P 500 index slumped 0.8 per cent.

Cryptocurrency giant bitcoin is around $US107,900.

The Aussie dollar is trading near US65.12c before the RBA's interest rate decision at 2.30pm AEST.