June 18, 2024
05:08
05:08
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Reserve Bank of Australia holds interest rate at 4.35%
Asia-Pacific markets rebounded on Tuesday, tracking gains on Wall Street overnight, as investors turned their focus on the Reserve Bank of Australia's interest rate decision. Australia's S&P/ASX 200 climbed 0.96% ahead of the RBA decision. The bank held rates for a fifth consecutive meeting at 4.35%. Over in Japan, the Nikkei 225 rose more than 1%, after plunging almost 2% on Monday, while the Topix was 0.74% higher. On Tuesday, Reuters reported that Bank of Japan Governor Kaz-uo U-eda told the country's parliament that the central bank could raise rates in July, depending on the economic data available at the time. Meanwhile automaker Toyota has re-elected A-kio Toyoda as its board chairman, disregarding two proxy advisers' recommendation to vote against his re-election. South Korea's Kospi climbed 0.84%, led by gains in chipmakers Samsung Electronics and SK Hynix. Automaker Hyundai also hit a fresh record, gaining about 3% on news that it plans to list its India unit in Mumbai. Overnight in the U.S., the S&P 500 rose to close at a fresh record as Wall Street looked to build on last week's gains.
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