RBA cash rate
The RBA hikes by 50bps.
Dollar down, yields lower, market up would tend to suggest that 50 turned out to be slightly dovish, at the margin, with REITs trying to recover.
On a sectoral basis, the day’s trading is somewhat mixed. Gold stocks are outperforming, which you’d expect on a “dovish hike”, as are technology stocks and, to a lesser extent, consumer discretionary.
However, staples and REITs are down, and commodities are up, and up strongly. As such, it isn’t super clear what the driver is for today.
Conveniently, however, it doesn’t matter tremendously unless you’re a day trader. The key takeaway is to expect more hikes from here.
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