At 11:40am, the S&P/ASX 200 is 0.2 per cent higher at 7,695.60.
Michele Bullock’s calm and steady demeanor as a central banker is essential to mitigating market panic. She effectively reassured the market with the RBA’s statement and her thoughtful comments on the economy and interest rates. While she understands the delicate nature of market confidence, she also aimed to temper any excessive optimism regarding potential interest rate cuts by the end of the year.
The SPI futures are pointing to a rise of 1 point.
Best and worst performers
The best-performing sector is Energy, up 1.07 per cent. The worst-performing sector is Materials, down 0.33 per cent.
The best-performing large cap is Fisher & Paykel Healthcare Corporation (ASX:FPH), trading 3.61 per cent higher at $30.11. It is followed by shares in GQG Partners (ASX:GQG) and Auckland International Airport (ASX:AIA).
The worst-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 1.76 per cent lower at $17.575. It is followed by shares in James Hardie Industries plc (ASX:JHX) and Netwealth Group (ASX:NWL).
Commodities and the dollar
Gold is trading at US$2419.80 an ounce.
Iron ore is 1.7 per cent lower at US$102.30 a tonne.
Iron ore futures are pointing to a 1.6 per cent fall.
One Australian dollar is buying 65.46 US cents.