The ASX 200 is down 24 points (-0.55%) at 8140 as markets await the US election and the RBA's decision to maintain interest rates at 4.35% for the eighth consecutive meeting. Despite a decrease in headline inflation, underlying inflation remains high, prompting the RBA to defer rate cuts until targets are met.In the banking sector, major banks fell following a downgrade of Westpac, while the mining sector saw gains amid hopes for fiscal stimulus from China's NPC meeting. The ASX 200 is currently positioned between key support at 8110-8100 and resistance around 8350-8360, indicating potential for significant movement.
ASX 200 gains momentum ahead of key US earnings and inflation data
The ASX 200 rose 29 points (0.36%) to 8250, marking a potential third consecutive day of gains amid lighter trading volumes. Key upcoming events include US tech earnings and Australian Q3 inflation data, with expectations that a lower trimmed mean inflation could prompt an RBA rate cut. Notable stock movements included ZIP surging 12.37% after a strong Q1 update, while major banks and mining stocks also saw gains ahead of their quarterly reports.
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