The ASX 200 is down 15 points (-0.2%) to 7310, having a quiet day ahead of RBA meeting today. It was down 43 at worst so we are rallying into the RBA Meeting at 2:20am led by banks. Sectors are mixed with Banks and defensive sectors up with Tech, Resources and gold down. Tech having a rough morning, All-Tech Index down 1.2% after the Nasdaq dropped last night. Resources are also down, with BHP down 0.1%, and RIO up 0.3%. Banks up 0.3% the Big Bank Basket up to $187.09 (+0.3%). Defensives mildly outperforming the market, Healthcare up 0.2%, Telecoms up 0.5% and Utilities unchanged. Magellan Financial Group (MFG) dropping another 1% after reporting a decrease in FUM. ASX (ASX) down 1.5% after continuing scrutiny from ASIC. Dow Futures are up 50 points.
Anyone who has been in broking will tell you that the Morning Meeting is how all brokers start the day. The format is to have a quick look at the overnight markets, consider what's coming up in the day ahead, hear from the analysts, share ideas and get set up for the day's stock market activity.
