The Australian sharemarket opened lower, extending losses from the previous week, as the S&P/ASX 200 dipped 0.3% to 7645.2 points, with the real estate sector performing the worst, amidst anticipation of central bank decisions worldwide, including from the US Federal Reserve, Bank of Japan, and Bank of England. The Reserve Bank of Australia commenced its two-day meeting, expected to maintain current interest rates, although markets are pricing in a potential rate cut in September despite signals from RBA governor Michele Bullock and her predecessor, Philip Lowe, suggesting the possibility of further rate increases.
At 11:30am, the S&P/ASX 200 is 0.15 per cent lower at 7,658.50.
The SPI futures are pointing to a fall of 12 points.
Best and worst performers
The best-performing sector is Industrials, up 0.21 per cent. The worst-performing sector is REITs, down 1.44 per cent.
The best-performing large cap is IGO (ASX:IGO), trading 2.84 per cent higher at $7.60. It is followed by shares in Yancoal Australia (ASX:YAL) and Incitec Pivot (ASX:IPL).
The worst-performing large cap is Fortescue (ASX:FMG), trading 1.79 per cent lower at $23.53. It is followed by shares in Lynas Rare Earths (ASX:LYC) and EBOS Group (ASX:EBO).
Commodities and the dollar
Gold is trading at US$2158.70 an ounce.
Iron ore is 4.0 per cent lower at US$100.20 a tonne.
Iron ore futures are pointing to a 0.6 per cent fall.
One Australian dollar is buying 65.59 US cents.
