ASX 200 drops; Westpac says case for May hike is 'strong', OZ Minerals shares suspended
Westpac says case for a May hike is stronger than April. Iron ore rallies on Chinese GDP growth. Telix, Core Lithium rise on updates. OZ Minerals exits ASX on BHP deal.
Welcome to the Trading Day blog for Tuesday, April 18. The Australian sharemarket retreated from a two-month high on Tuesday as traders reprice expectations for interest rates following the release of the Reserve Bank’s meeting minutes.
The S&P/ASX 200 index fell 0.3 per cent to 7360.20.
Wall Street is set for a subdued opening this evening with futures tied to the Dow Jones, S&P 500 and Nasdaq little changed.
The dollar was up 0.4 per cent to US67.30c at close after stronger than expected economic data out of China.
More Coverage
ASX 200 down; forgettable day for NAB, MinRes
SA govt puts Whyalla Steelworks into administration. NAB shares slumps as margin strain dents earnings. WA rich lister sells $8.5bn Rio stake. MinRes' big loss triggers double-digit dive. Profitable Goodman taps investors for $4bn.
RBA delivers ‘hawkish’ rate cut; ASX down
Reserve Bank cuts rates 25 basis points, takes official cash rate to 4.1 per cent. First cut in more than four years. NAB, Westpac, CBA and ANZ lower home loan rates. Qatar-Virgin deal gets ACCC nod. Gold to outshine $US3000: UBS, Goldman.