Australian Equities Higher Ahead of RBA Decision

Australian share markets opened higher on Tuesday, drawing support from Wall Street overnight, as traders await the Reserve Bank of Australia’s (RBA) rate decision. Markets in Japan, South Korea and Thailand are closed for public holidays.

The central bank will likely bring its cash rate to a fresh record low of 2 percent with a 25-basis-point reduction, according to a Reuters poll of 27 analysts, marking its second interest rate cut this year. Meanwhile, Australia’s March trade data is also scheduled for release at 0930 SIN/HK.

Overnight, U.S. stocks finished modestly higher, following positive momentum from Europe and as earnings came in better than expected. The Dow Jones Industrial Average and the S&P 500 gained 0.3 percent, respectively, while the Nasdaq Composite settled up 0.2 percent.