Global markets were slightly lower overnight on thin trading as the US market was closed for Independence Day. Closer to home, the Australian market rebounded strongly yesterday experiencing its best daily gain for 2017, while the NZ market also traded higher.
The Reserve Bank of Australia kept interest rates at 1.50%, and were reluctant to flag an end to ultra-low rates as several global central banks did last week. As we highlighted last month, ATM continue to believe the RBA will keep interest rates unchanged in the near term. The RBA’s decision didn’t have a large impact on the share market, but did weigh on the Australian Dollar.
The interest rate decision did appear to help provide some share price relief across the retail stocks (lower interest rates generally result in increased consumer spend), as well as the release of stronger than expected retail sales data. The retail sector has been harshly treated in recent times following concerns aro...
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