Thanks Oscar (and Brit), plus morning regulars. Half-time...

Thanks Oscar (and Brit), plus morning regulars.


Half-time round-up:

The share market's fourth gain in five sessions brought up a four-week high ahead of this afternoon's Reserve Bank rate decision.

At 1pm EST the ASX 200 was 41 points or 0.8% ahead at 5191 as gains in metals & mining +2.6%, materials +1.9%, energy +1% and financials +1.2% offset declines in IT -1.1%, utilities -0.4% and telecoms -0.3%. At this morning's peak, the index had recovered more than 300 points in five sessions since last Tuesday's two-year closing low.

This afternoon brings an RBA rate statement at 2.30pm EST, which may shed light on the central bank's policy outlook.


"The Reserve Bank's board is almost universally expected to leave interest rates on hold at their meeting today. However, participants will eagerly scour the statement for clues on international outlook, given these conditions derailed the Fed's intended moves," CMC chief market strategist Michael McCarthy told Fairfax.


The trade deficit blew out to $3.1 billion during August from a July figure of $2.8 billion as imports increased 1% and exports held broadly steady.

Hong Kong's Hang Seng rose 0.74% and Japan's Nikkei 1.29%. China's Shanghai Composite remained closed for a public holiday. Dow futures were recently off 34 points or 0.2%.

Crude oil futures eased three cents this morning to US$46.23 a barrel. Spot gold was 30 cents weaker at US$1,137.30 an ounce. The dollar was buying 70.82 US cents.


Been a great run over the last week. The index is probably short-term overbought at these levels and due for a minor (?) retrace/pause. However, barring black swans it looks like buying the dip will be the way to go this time. Trading: been extremely busy the last two sessions. Bounces this morning in OSL and MBE. Took a reluctant profit in RAP - the set-up felt perfect but it has been cruelled so far by a willing seller. Will revisit if the tune changes. Still holding NOR, CSR, RCG and ASH from this morning.