Half-time wrap:
Australian shares fell to their lowest in more than a week as the RBA met amid growing doubts about the timing of global rate cuts.
The ASX 200 shed 50 points or 0.66% by mid-session.Tech stocks, real estate investment trusts and miners led the retreat. The Energy sector offered a haven following a rebound in crude prices overnight.
The Reserve Bank was due to announce the new cash rate target at 2.30 pm AEDT, then hold a press conference an hour later. While no change was expected to the cash rate, investors hope for greater clarity on when the bank may start to lower official rates.
US stocks sank overnight after central bank officials warned they feel little pressure to cut rates while the economy continues to steam along. The S&P 500 dropped 0.32%.
Personal trading: Took COH too early on retrace but will give it time. Weakness is resulting from a downgrade from UBS. Pretty chunky decline for a large cap, so it oughta attract some fundie interest/short covering before the close. Also took MMC on retrace.
