- Australia's 10-year government bond yield dipped toward 4.3%, marking its lowest point in a fortnight. This decline occurred as the RBA opted to keep the cash rate unchanged. The absence of any overtly hawkish signals, which many market participants were expecting, contributed to the subdued reaction.
- The ASX 200 Index extended its upward trend for the fifth consecutive session following the Reserve Bank of Australia's less hawkish stance after the Tuesday policy decision. Significant increases were observed among key players in the index, including Commonwealth Bank, Wesfarmers, and Woodside Energy.
- Societe Generale has released a note regarding the Reserve Bank of Australia, emphasizing their view that the RBA's optimism regarding economic growth is misplaced. The institution anticipates a downturn in economic growth in Australia, with the potential for surprises on the downside. They attribute this forecast partly to the prevalent effects of RBA rate hikes filtering into the economy.
- The latest US Nonfarm Payrolls report highlights a notable deceleration from the robust pace seen in the first quarter, falling short of the average monthly increase observed over the past year.
- The Judo Bank Australia Composite Purchasing Managers Index (PMI) declined in April, indicating a slightly slower growth in Australian private sector output. The growth in business activity was mainly confined to the service sector while manufacturing output continued to decrease.
- According to forecasts by analysts at Commonwealth Bank and Westpac, the RBA’s interest rate is expected to peak at its highest point at 4.35% in November 2023, then decrease to 3.10% by December 2025.
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