ASX 200 drops 0.9pc on RBA's shock rate hike; Vanessa Hudson's nex Qantas CEO; Domino's rejigs ANZ team

The sharemarket closed in the red after the Reserve Bank's eleventh rate hike since May last year. Inflation remains stubbornly high. Qantas promotes Vanessa Hudson to top job following Alan Joyce's long tenure.

Banking issues and local interest rate decisions along with earnings updates are driving equity investor sentiment. Picture: Gaye Gerard

Welcome to the Trading Day blog for Tuesday, May 2. ASX 200 dropped 0.9 per cent after the Reserve Bank's unexpected rate hike. Domino's global boss Don Meij's sister Kerri Hayman now ANZ operations head. Incoming Qantas boss Vanessa Hudson's task cut out amid investors' harsh call.  

The ASX 200 index dropped 0.9 per cent to 7267.4 points after the Reserve Bank delivered an unexpected 25 basis point hike, its eleventh increase since May 2022.

On Wall Street, the S&P 500 closed 0.1 per cent lower, the technology-focused Nasdaq Composite index shed 0.1 per cent and the Dow Jones Industrial Average ended 0.2 per cent weaker.

The Aussie dollar jumped by 0.9 per cent to 66.94c after the RBA news.