ASX Market Open: Australian stocks lower in anticipation of RBA decision | September 24, 2024

The ASX200 is set to open 0.12% lower today, despite strong performances on Wall Street, as Australian investors await a rate cut decision from the Reserve Bank (RBA) later today.

In the US, all three major bourses were higher: the S&P 500 lifted by 0.3%, and the Dow Jones rose 0.1%, both marking fresh record highs on Monday after a rally last week, driven by the Fed’s first rate cut in four years, which was set at 50 basis points. The Nasdaq also rose slightly by 0.1%.

The RBA meets this afternoon, and is widely expected to keep the cash rate on hold at 4.35%, after seven consecutive decisions to do the same.

On the ASX, Enova Mining Ltd (ASX:ENV) says drilling results from its CODA North rare earths project in Brazil have indicated significant growth potential, with grades of up to 2,003 parts per million (PPM) in total rare earth oxides (TREO).

Biotech company Immutep Ltd (ASX:IMM) has received a A$3.6 million R&D Tax Incentive from French Government to progress the global clinical development of product candidates eftilagimod alpha and IMP761.

And Equinox Resources Ltd (ASX:EQN) has confirmed a 1.5 km shear zone at its Alturas antimony project in British Colombia.

To commodities in US dollars now: Gold is shining at $2627.60 an ounce. Iron ore is at $91.55 on the Singapore Exchange, Brent crude’s above $74.20, natural gas is just under $2.60 a gigajoule.

One Aussie Dollar is buying 68.3 US cents.