• The ASX closed 0.15% higher on Tuesday
  • The Reserve Bank has paused rates today after 10 consecutive hikes
  • The ACCC released its view on proposed ANZ and Suncorp merger


Local shares remained flattish after the Reserve Bank paused its rate increase at today’s monetary policy meeting.

The RBA Board decided to leave the cash rate target unchanged at 3.60%, and the interest rate on Exchange Settlement balances unchanged at 3.50%.

It’s welcome news for the markets and mortgage holders after 10 consecutive rises.

The accompanying statement summed up the current state of play: Inflation has peaked in Australia, growth in the economy has slowed, and labour market remains very tight.

The statement also noted that “some further tightening of policy may well be needed”.

“The Board took the decision to hold interest rates steady this month to provide additional time to assess the impact of the increase in interest rates to date and the economic outlook,” said the RBA.

“The Board expects that some further tightening of monetary policy may well be needed to ensure that inflation returns to target,” it added.

Scott Solomon, Associate Portfolio Manager at T. Rowe Price said he had anticipated the RBA’s decision.

“The RBA has expressed a willingness to target a soft-landing, and maintain the high level of employment in the economy which supports a more patient approach,” Solomon said.

The AUD flirted with US68c after the RBA decision.

On the ASX, best performing sectors today were Energy, Tech, and Comm Services. Worst performing today was the Mining sector.


ACCC publishes preliminary view on ANZ Suncorp merger

Suncorp (ASX:SUN) fell almost 2% and ANZ Bank (ASX:ANZ) slipped 0.22% after competition watchdog, the ACCC, published its preliminary view on the proposed merger.

“The ACCC’s preliminary view is that despite the various developments and trends in Australian banking in recent years , there remain significant regulatory and structural barriers for new entrants and smaller providers,” the ACCC said.

In addition to the ACCC, approvals are also required from the Queensland Government in relation to the State Financial Institutions and Metway Merger Act, and also from the Federal Treasurer.

Completion of the acquisition is still expected to occur in the second half of calendar year 2023, said a release from Suncorp.

Coal miners Whitehaven Coal (ASX:WHC) and New Hope Corp (ASX:NHC) rallied around 5%.

Oil stocks Woodside Energy (ASX:WDS) and Santos (ASX:STO) rose around 1-2% after crude prices jumped by a further 6% last night.

Elsewhere, China is closed for national holiday today. The Chinese currency yuan has reportedly replaced the USD as the most traded currency in Russia.

Before the Ukraine invasion, the yuan’s trading volume in Russia was negligible, but in February, the yuan surpassed the dollar in monthly trading volumes.

Later tonight, the US factory orders and JOLTS jobs openings will be released.



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Sandfire Resources (ASX:SFR) rose as much as half a percent after CEO Brendan Harris, whose appointment was announced November last year, commenced his first day at the job with SFR yesterday.

Gold miner Ramelius Resources (ASX:RMS) surged almost 5% on no specific news. 



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Seek Ltd (ASX:SEK) fell 2% after lowering full its year revenue guidance by ~$15m to $1.245b.

Seek said job advertisement volumes are continuing to decline, but the company has retained the $250m FY23 NPAT forecast issued in February.