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Rate-cut hopes fire ASX up to 7-month high: Aus shares close 0.5% higher

15 Oct 2020 – Investor appetite was strong during today’s session. Traders were predicting a cash rate cut next month, as RBA Governor Philip Lowe did not rule out monetary easing in his speech this morning. The ASX200 defied Wall Street headwinds to close in the 6200s zone for the first time in 7 months, courtesy of vibrant gains by big banks and mining heavyweights. The tech sector’s 8-day winning streak finally came to an end, as big Fintech firms Afterpay and Xero dragged the index down.

Source: Finance News Network

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