Australian shares extended their losses for a second session on Tuesday morning as banking stocks lost further ground, but the market pulled off its lows after the nation’s central bank kept the door open to more rate cuts.
The Reserve Bank of Australia said there was mounting evidence past cuts in interest rates were working to stimulate the economy, though it would not rule out the chance of easing further if necessary.
The S&P/ASX 200 index fell 24.3 points to 5,360.4 by 0120 GMT, but stepping back from early lows of 5,345. The benchmark fell 0.3 percent on Monday.
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