Asian Markets Hit by RBA Decision

Stock markets in Asia closed lower on Tuesday, despite markets in the US, where both the Dow Jones and the S&P 500 closed at all-time highs.
Australia’s benchmark S&P/ASX 200 finished 0.39% lower at 5902.90.
The index reversed early gains after the Reserve Bank of Australia (RBA) announced it would keep its benchmark interest rate on hold at 2.25%.
Many traders were expecting a cut in rates and the Australia dollar strengthened after the RBA’s move.
RBA governor Glenn Stevens said: “At today’s meeting the board judged that, having eased monetary policy at the previous meeting, it was appropriate to hold interest rates steady for the time being.”
Elsewhere in Asia
In Tokyo, the benchmark Nikkei 225 closed a touch lower, losing 11 points to close at 18,815.
Trading of shares of Japan’s struggling electronics giant Sharp was halted temporarily on Tuesday morning after a media report said the firm was preparing to seek aid from its lenders.
The company said it had not been the source of the report, however, and that it had made no decisions around restructuring.
Despite the reassurance, its Japan-listed shares closed 3.5% lower.
Sharp had said it was likely to post its third annual net loss in four years as it struggles with its business in China.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza