ASX drifts lower before RBA call

The Australian sharemarket opened lower on Tuesday ahead of the Reserve Bank's interest rate decision and Governor Michele Bullock's press conference.
The S&P/ASX 200 fell 0.2 per cent, or 16.4 points, to 8878.9 at 10:10am AEDT , with eight of the 11 index sectors declining, led by miners and utilities. A drop today would mark the fifth decline in six sessions.
Bond markets now signal the next rate cut is unlikely until May 2026, compared with full pricing for February last week. Trading was expected to be subdued due to the Melbourne Cup public holiday in Victoria, limiting corporate news and activity.
Materials weighed the most as iron ore prices fell 1.3 per cent overnight to $US104.75 per tonne. Rio Tinto fell by 2.2 per cent, BHP by 1 per cent and Fortescue Metals by 0.7 per cent. Gold miners, however, limited falls as prices for the precious metal gained 0.2 per cent to $US4011.42 an ounce, helping Northern Star to rise by 1.3 per cent.
Utilities was the weakest sector, down 1 per cent, as Origin Energy fell 1.9 per cent, offsetting a 0.1 per cent rise in both APA Energy and AGL.
Real estate was home to the most gains as Goodman Group advanced 1 per cent and Westfield operator Scentre by 1.1 per cent.

Sumber : AFR