By Reuters Staff
3 Min Read
(Corrects the seventh paragraph to say U.S President Joe Biden proposed a $1.9 trillion, not $1.9 billion, pandemic relief package) ASX 200 posts 3rd straight day of gains RBA governor reiterates need for low interest rates Financial stocks at 11-mth high
Feb 3 (Reuters) - Australian shares closed higher on Wednesday, with financials leading gains, after the Reserve Bank of Australia reaffirmed it would hold rates at record low levels for several years.
The S&P/ASX 200 index ended 0.9% higher at 6,824.6 points and recorded a third consecutive session of gains.
RBA governor Philip Lowe, in a speech in Canberra, reiterated the bank’s stance to maintain cash rate at 0.1% and insisted the country will need to maintain “very significant monetary support” for several years.
Asian equities looked set to rise on Wednesday, bouncing back from a steep sell-off on Tuesday, while Australian stocks were seen opening weaker in a catchup after a Tuesday holiday.