News Home » Asia » Asia stocks mixed as investors await clues from RBA meeting minutes

Around the World

Asia stocks mixed as investors await clues from RBA meeting minutes

Lisa Micheal 59 Jul 15

Stocks in Asia traded mixed on Tuesday morning, while investors await the release of meeting minutes from the Reserve Bank of Australia.

The Nikkei 225, which returned to trade after a holiday on Monday, slipped 0.23% in early trade. The Topix index also shed 0.14%.

South Korea's Kospi added 0.48%. Over in Australia, the benchmark S&P/ASX 200 traded flat.

Investors will watch out for the Reserve Bank of Australia's (RBA) meeting minutes, set to be released at 9:30 a.m. HK/SIN, for clues on the next monetary policy move by the central bank after it cut its cash rate to a new record low in July.

Kim Mundy, currency strategist at Commonwealth Bank of Australia, said: "We expect the minutes to reiterate the RBA is on hold in the near term and will cut the cash rate again 'if needed.'"

"We expect the RBA will now want to wait and assess the impact of the latest cash rate cuts and personal income tax cuts," Mundy said, adding that he still expects another cut in November.

The Australian dollar was flat at $0.7039, following last week's rise from levels below $0.692.

Overnight on Wall Street, stocks edged upward toward new records, but remained muted amid the corporate earnings season. The outlook for this earnings season is bleak. Analysts expect S&P 500 earnings to have fallen by 3% in the second quarter, according to FactSet data.

The Dow Jones Industrial Average closed 27.13 points higher at 27,359.16, while the S&P 500 ended the trading day stateside just above the flatline at 3,014.30. The Nasdaq Composite added 0.2% to close at 8,258.19.

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 96.933 after rising from levels below 96.9 yesterday.

The Japanese yen traded at 107.90 against the dollar after touching levels above 108.0 in the previous session.

Oil prices declined in the morning of Asian trading hours, with international benchmark Brent crude futures slipping 0.21% to $66.34 per barrel, while U.S. crude fell 0.22% to $59.45 per barrel.

Here's a look at some of the data set to be released later today:

  • Australia: Reserve Bank of Australia meeting minutes at 9:30 a.m. HK/SIN.

— CNBC's Fred Imbert contributed to this report.