Sydney, Australia, Aug 5, 2009 - (ABN Newswire) - US stocks traded slightly higher overnight with more buying in financials. Analysts expect there would be a short-term correction after the rally as investors lock in gains from a strong three-week rally.
The Australian shares yesterday rose on the positive lead in Wall Street and higher commodities prices. The recent strong market performance has increased investors' appetite for risk. At the close, the S&P/ASX 200 added 45.9 points, or 1.1 per cent, at 4309.3, while the broader All Ordinaries was up 43.4 points, or 1 per cent, to 4313.9.
Key Economic Facts and Figures
The Reserve Bank kept the official interest rate on hold for the fifth month at 3 per cent, in line with market expectation. But the central bank also tipped that the interest rate cutting cycle is over, as Australian economy is improving and the downside risks to the global economy has diminished.
Retail sales in Australia unexpectedly fell 1.4 per cent to a seasonally adjusted A$19.42 billion in June from A$19.70 billion in May, according to the Australian Bureau of Statistics.
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