Australian Market Notably Lower
RTTNews The Australian stock market is notably lower on Tuesday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 falling below the 7,300 level, following the broadly negative cues from European markets overnight, with losses across most sectors, led by mining and technology stocks. Traders reacted to domestic data showing business activity contracted again in August at the steepest fall in eight months.
They also cautiously await the Reserve Bank of Australia's monetary policy later in the day, when the central bank is widely expected to keep rates on hold for a third straight month as inflation eases.
The benchmark S&P/ASX 200 Index is losing 35.50 points or 0.49 percent to 7,283.30, after hitting a low of 7,270.60 earlier. The broader All Ordinaries Index is down 40.00 points or 0.53 percent to 7,485.70. Australian stocks closed notably higher on Monday.
