The S&P/ASX200 closed up a fraction, 2.90 points to 7,406.50 today.
Over the last five days, the index has gained 1.27% and is currently 2.13% off its 52-week high.
Sectors were a mixed bag, with Energy, Materials, Industrials and Communication Services all up by less than half a per cent, with Health Care up the most convincingly, by 0.56%.
Consumer Staples (-0.95%) led the charge in the other direction, followed by Information Technology and Utilities.
RBA looks set to hold the line
T. Rowe Price Dynamic Global Bond Strategy co-portfolio manager Scott Solomon had this to say ahead of the Reserve Bank’s meeting this week:
“We expect the Reserve Bank of Australia (RBA) to maintain its current rate policy and not hike. While the labour market continues to show signs of tightness, inflation is trending down and there are obvious stresses in the average Australian’s personal finances.
“With the US Federal Reserve and the European Central Bank hinting at potential upcoming pauses, it does relieve some pressure that the RBA will fall further behind. Lowe takes pride in the fact Australia reached full employment and it’s unlikely he wants to risk disturbing that as long as inflation is moving in the right direction.
“We expect the RBA to reiterate that future policy decisions will be data-dependent. As such, the RBA may very well be at its terminal rate which presents questions on what’s next for RBA policy.
“Although Michele Bullock will be taking over in September, we don’t expect significant policy changes, but we do hope for improved communication.
“While Lowe received outsized blame for the current economic conditions, his communications were sometimes puzzling and inconsistent. The initial step taken to reduce the sheer frequency of RBA meetings should help on that front.”
The five at five
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On your six
Australia's green critical mineral opportunity
The critical mineral boom is taking off. CSIRO senior principal research scientist and Green Mineral Technologies initiative leader Chris Vernon walks Proactive’s Phoebe Shields through the oncoming critical mineral supply dearth, the need for down-stream trade relationships and the potential effect of a circular economy on the mining industry.
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The one to watch
Alto Metals buoyed by best drill results so far
Alto Metals Ltd (ASX:AME) managing director Matt Bowles discusses with Proactive an “outstanding” June quarter for the company, during which it released an updated mineral resource for the Sandstone Gold Project in Western Australia as well as additional exploration results from ongoing follow up drilling.
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