RBA Holds Rates as Markets Hit Fresh Highs Amid Weaker US Jobs Data

The Reserve Bank of Australia (RBA) held interest rates at 4.35% in its latest decision, as widely expected.

The bank's governor, Michele Bullock, noted that inflation is still too high and will not return to the middle of the 2-3% target band until 2027.

In the US, employers unexpectedly cut 23,000 jobs in July, but this weaker labour market reduced expectations of further Federal Reserve rate hikes.

The strong company earnings continued to support shares at record highs, with 88% of S&P 500 companies having reported and 86% beating earnings-per-share expectations.