PERTH: The Australian sharemarket pushed more than 1 per cent higher ahead of today’s Reserve Bank board meeting, as expectations of an imminent rate hike by the US Federal Reserve wane.
At 12.05pm (AEDT), the benchmark S & P/ASX200 index added 52.4 points, or 1 per cent, to 5202.2, while the broader All Ordinaries rose 49 points, or 0.93 per cent, to 5232.5.
Weaker US jobs numbers released on Friday have deferred expectations of US interest rate rises this year, which is boosting investor sentiment on the hopes of cheaper credit for longer.
The Australian sharemarket has now added more than 5 per cent since crashing to 4918 points last Tuesday.
The RBA board meets today and is widely expected to keep interest rates on hold at the record low level of 2 per cent. All 27 economists surveyed by Bloomberg are expecting rates to remain steady, while financial markets are pricing in a 5 per cent chance of a cut.
