RBA decision, S&P record high

RBA decision, S&P record high – A pedestrian and jogger pass by the Reserve Bank of Australia (RBA) building, during a partial lockdown due to the coronavirus, in Sydney, Australia, on Monday, May 18, 2020.

David Gray | Bloomberg | Getty Images

Asia-Pacific markets rallied on Tuesday as Wall Street rose overnight as investors awaited the Reserve Bank of Australia’s interest rate decision.

The RBA is expected to keep rates at 4.35%, but investors will pay attention to the language used in its monetary policy statement.

In an outlook, ING states that “inflation in a broader sense is moving in the wrong direction, and that inflation is broad-based.” Australia’s headline inflation rose to 3.8% in April, from a low of 3.4% in December 2023.

“Above all, we need to see inflation rising at a significantly slower pace month-on-month, otherwise inflation will move further off track in the second half of the year,” the analysts added.

Australia’s S&P/ASX 200 gained 0.92% ahead of the RBA decision.

Japanese Nikkei 225 rose 0.83% after falling almost 2% on Monday, while the Topix was 0.48% higher.

On Tuesday, Reuters reported that Kazuo Ueda, governor of the Bank of Japan, told the country’s parliament that the central bank could raise interest rates in July, depending on economic data available at the time.

That of South Korea Kospi rose 0.84%, led by gains at chipmakers Samsung Electronics and SK Hynix, which rose about 2.3% and 3%, respectively.

Car manufacturer Hyundai also achieved a new record with a gain of around 3.05% on news that it is planning to list its India unit in Mumbai.

Hong Kong’s Hang Seng Index fell 0.17%, while mainland China’s CSI 300 rose 0.15%.

In the US, the S&P 500 rose to a new record overnight as Wall Street looked to build on last week’s gains.

The index rose 0.77% to end at 5,473.23, while the Nasdaq Composite rose 0.95%. The Dow Jones Industrial Average added 0.49%, snapping a four-day losing streak.

— CNBC’s Samantha Subin and Tanaya Macheel contributed to this report.

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