ASX 200 rises 0.3% to 8,709 after RBA lifts cash rate

  • The ASX 200 rose 0.3% to 8,709 as consumer durables, technology and manufacturing stocks advanced.
  • The RBA’s fourth rate increase this year lifted the cash rate to 4.6%, a 15-year high.
  • August household spending was flat after three consecutive months of growth, with domestic and China data still due.

The ASX 200 rose 30 points, or 0.3%, to 8,709 on Tuesday as consumer durables, technology and manufacturing stocks advanced. The Reserve Bank of Australia raised its cash rate to 4.6%, a 15-year high, at its September meeting, marking its fourth increase of the year, in line with expectations, while reaffirming its price-stability and full-employment goals. Household spending was flat in August after three consecutive monthly increases, and traders were awaiting August inflation, trade and private-sector credit data, along with September purchasing managers' index readings from China, Australia’s top trading partner. BHP Group, Rio Tinto, South32 and Wisetech Global gained, while the big four banks, Woodside and Santos Ltd. fell.

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