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Article: Australian Market Report of September 2: Fears about "September Effect"
- Article from:
- abnnewswire.net
- Article date:
- September 2, 2009
- Author:
CopyrightCopyright 2009 ABN Newswire. (Hide copyright information)
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Wall Street fell for a third session despite a positive manufacturing data in August. The sell-off was caused by concerns over banks' outlook and fears about September, which was historically one of the market's weakest months.
In Australia market, banks helped to lift the Australian stocks after central bank announced the official interest rate on hold yesterday. The benchmark S&P/ASX 200 index gained 35.5 points, or 0.8 per cent, at 4514.6. The broader All Ordinaries rose 27.2 points, or 0.6 per cent, at 4511.3.
Key Economic Facts and Figures
The Reserve Bank of Australia (RBA) left cash rate at 3.0% for a fifth month and said the board will continue to adjust monetary policy so as to ...