Markets Live: Countdown to RBA

The US and EU have already imposed measures to curb Russia’s access to bank financing and advanced technology. 9:10am: Local shares appear set for a flat open with Wall St closed overnight and Euro shares lower, as the iron ore price heads towards five-year lows and ahead of the RBA’s cash rate decision. • AUD at 93. 30 US cents, 97. 33 Japanese yen, 71. 07 Euro cents and 56. 19 British pence. • In Europe, Euro Stoxx 50 +0. 1%, FTSE +0. 1%, CAC -0. 03%, DAX +0. • Iron ore slips 0. 9% to $US87. • Brent oil down 0. 4% to $US102. • Australia: RBA cash rate decision and statement at 2:30 AEST;  current account balance, net exports at 11:30; building approvals. • US: ISM manufacturing index, construction spending. • Flight Centre names Gary Smith as chairman. • Macquarie leads for $1. • OzForex rated a new buy at Deutsche Bank; price target $2. 95. • Tap Oil says received writ from Apache Oil for claim of $US4. 2m. • Deutsche Bank has kept its “buy” rating on UGL, with a 12-month target price of $8. 21 a share given its current cheap valuation, low gearing, pending capital return and potential for large contracts wins. • Morningstar has a “reduce” recommendation on Cabcharge and a $3. 90 fair value share price expectation. 9:10am: Good morning and welcome to the Markets Live blog for Tuesday.

“Global volatility risks will rise substantially”: Stephen Halmarick, the head of economic and market research at Colonial First State. 10:58am: The Reserve Bank of Australia board holds its monthly policy meeting today, and is universally expected to leave the cash rate where it has been since August last year, at 2. 5 per cent.

Read more here: SMH


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