Australian shares were almost flat today, as the Reserve Bank held rates steady in line with market expectations.
At 2.40pm, the ASX200 gave up 0.2% to 4124.9, while the broader All Ordinaries index also lost 0.2% to 4164.0.
The slight fall follows mixed performance on Asian markets. The Hang Seng gained 2.2% while the Nikkei was flat.
Ben Taylor, a sales trader at CMC markets, said yesterday’s manufacturing data, which showed a further fall, points to the effects of the global slowdown.
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However, “the market is holding ground based on the proposed global stimulus push.”
The Australian dollar rose today before falling slightly after the RBA’s announcement. It is currently buying $US1.026.