Waiting on rates 🕑
Episode description
The local market had a rough start to the month, although it could have been worse. Just ask those on Wall Street. All sectors finished in the red, led by companies sensitive to movements in bond yields. Technology shed 4%, mirroring the bloodbath witnessed on the Nasdaq. Real Estate shed 3.8% while consumer discretionary, healthcare and communications all slid more than 1%. Utilities were the relative outperformer with a loss of 0.3%, if you can call it that. The S&P/ASX 200 closed 88 points lower, or 1.2%. We await the RBA interest rate decision tomorrow afternoon. Rates markets are fully priced for the RBA to hike by 15 basis points, marking the first increase in the cash rate since late 2010.
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