Investors extended the life of the month long rally, with banking stocks leading the way higher on good news from Wells Fargo.
Australian consumers feel much better about the future, but will it prove all but temporary?
Wall Street slipped further ahead of earnings reports on very low volume. Dow down 186.
The RBA decided there was scope for a modest adjusment only to the cash rate. Either that or there was dissent at the meeting.
The RBA today cut its cash rate by 25 points, splitting economist forecasts.
It was cynical bears versus newfound bulls last night as Wall Street recovered from early selling. Dow down 40.
The TD Securities-Melbourne Institute Monthly Inflation Gauge for March fell slightly and this suggests an easing in inflationary pressures, so clearing the way for the RBA to resume cutting rates.
Wall Street was happy with FASB changes and G20 progress last night. Dow up 200.
Australian retail sales for February were weaker than expected and soft non-residential construction numbers add to the case for not only more rate cuts but additional fiscal stimulus.
History shows April is usually a cracker month for the Australian stock market.