ASX set to open flat ahead of RBA policy meeting minutes

Stock Markets

Australian shares are poised to open flat today ahead of the latest RBA monetary policy meeting minutes. Following the RBA’s shift to a neutral policy stance, investors will be eagerly awaiting to review the RBA’s minutes for any further clues on the outlook for policy. The S&P/ASX 200 index closed 0.4% higher yesterday, with energy as the best performing sector after a 2.3% gain in Woodside Petroleum.  

Wall Street was closed for Presidents’ Day on Monday. Meanwhile, European markets edged higher as US/China trade talks continue to be the main focus for investors. The pan-European Stoxx 600 closed up 0.21%.

ASX 200 futures are currently down 3.0 points. 

Today’s data releases: Minutes from the RBA’s February board meeting

Commodities and Currencies

Brent crude rose by 0.3% to $US66.45 a barrel. It remains on track for the strongest first quarter in eight years supported by growing concerns that OPEC’s supply cuts will prevent a build-up in oil inventories.

Iron ore prices are down 0.77% at $US84.10 per tonne.

The spot price of gold eased overnight, falling 0.05% and is currently sitting around $US1321 an ounce.

The AUD is currently up 0.03% at US71.34¢ ahead of the RBA policy meeting minutes. Any hints of the RBA taking a hawkish approach to policy would be beneficial for the AUD.

This article was written by Mithun Fernando – Investment Analyst, Rivkin Securities Pty Ltd. Enquiries can be made via mithun.fernando@rivkin.com.au or by phoning +612 8302 3633.