Aust stocks close steady

By Elizabeth Redman

CMC market analyst Ric Spooner noted some caution in today's trade ahead of Dr Yellen's semiannual monetary policy report to the US Senate banking committee. "While she's not expected to change what she's been saying, if there is a risk, it's possibly to the upside in terms of US and world interest rates, which would possibly be a bit of a negative for stocks," Mr Spooner said.

Mr Spooner said there was not yet enough detail in the report to affect stocks. "It's always been the case that this report might recommend outcomes that would possibly be negative in some areas for the profitability of the big banks, but may well be positive in other areas, and we don't have any detail on what their recommendations will be," he said.

The Australian sharemarket has closed completely flat today as cautious investors sit on their hands ahead of comments expected overnight from the US Federal Reserve chair Janet Yellen. At the 4. 15pm (AEST) official market close, the benchmark S&P/ASX200 index inched down 0. 1 points, flat in percentage terms, to 5,511. 3 points, while the broader All Ordinaries index also edged down 0. 1 points, unchanged in percentage terms, to 5,495. 7 points.

Read more here: Business Spectator


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