Shares off to shaky start ahead of RBA rates decision
The ASX started the week lower, pulling back ahead of the Reserve Bank's interest rate decision. -AAP Image
Australia's share market has started the week lower, pulling back ahead of the Reserve Bank's interest rate decision on Tuesday, as traders weigh developments in the Persian Gulf.
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The S&P/ASX200 fell 32.7 points on Monday, down 0.37 per cent, to 8,697.1, as the broader All Ordinaries lost 30.9 points, or 0.35 per cent, to 8,923.8.
Energy stocks, utilities and traditionally defensive consumer staples sold off on news the United States Navy will support ships to exit the Hormuz Strait, a key transit lane for a fifth of global oil and natural gas supplies effectively blockaded since the US-Iran conflict began on February 28.
The Australian dollar is buying 72.08 US cents, up from 71.96 US cents on Friday, as markets brace for a widely-tipped Reserve Bank interest rate hike on Tuesday.
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