Dec 9, 2024 at 5:45 am GMT
Updates to close
- Miners log third consecutive session of losses
- CBA up 1.5%
- ANZ at 2-month low
By Sneha Kumar
(Reuters)- Australian shares closed flat on Monday, starting the week on a tepid note with losses in heavyweight miners, while investors exercised caution ahead of the central bank's rate decision on Tuesday.
The S&P/ASX 200 benchmark index. AXJO closed flat at 8,423 points. The benchmark fell 0.6% on Friday.
The Reserve Bank of Australia (RBA) is expected to keep interest rate unchanged at 4.35% in view of a resilient labour market and high inflation, according to aReuters poll.
The commentary from the RBA is most important as it doesn't have ammunition to cut rates until it needs to, which could be May when the unemployment rate is forecast to be close to 4.5%, said Jessica Amir, a market strategist at online trading platform Moomoo.
In November, the country's top central banker hadsaidthat underlying inflation was "still too high" to consider a cut in the cash rate target in the near term.
Miners. AXMM declined for the third straight session, closing 0.5% lower on Monday. BHPBHP.AXlost 0.3%, while Rio TintoRIO.AXdeclined 0.2% and FortescueFMG.AXshed 1.2%.
Banks. AXFJ edged higher with Commonwealth Bank of AustraliaCBA.AXrising 1.5% after Australiagrantedan A$100 million ($63.87 million) aid package to the world's third-smallest country, Nauru.
CBA will begin operations in the Pacific island nation in 2025, replacing its only lender Bendigo and Adelaide BankBEN.AX, which fell 0.3% during the day.
Meanwhile, ANZ GroupANZ.AXretreated 3.6% to its lowest level since early October, despite the appointment of anew chief executivethat UBS analysts said brings "a fresh perspective and a clean slate".
Energy stocks. AXEJ slipped 1.1% despite a slight recovery in oil prices due to heightened tensions in the Middle East.
WoodsideWDS.AXand SantosSTO.AXfell 1.1% and 0.8%, respectively.
New Zealand's benchmark S&P/NZX 50 index.NZ50fell 0.1% to 12,801.8 points.
($1 = 1.5657 Australian dollars)
Reporting by Sneha Kumar in Bengaluru; Editing by Mrigank Dhaniwala
Sumber : Reuters