Australian Stocks Tumble, Eyeing Technical Correction Territory

The central bank cut the key cash rate by 25 basis points. The S&P/ASX 200 extended gains to 0.3% after the move, which was widely expected by economists and markets. Because the cut was anticipated, market reaction was modest despite the dovish policy shift.

Analysis

The central bank cut the key cash rate by 25 basis points. The S&P/ASX 200 extended gains to 0.3% after the move, which was widely expected by economists and markets. Because the cut was anticipated, market reaction was modest despite the dovish policy shift.