The Australian market traded higher after open, buoyed by gains from the big banks and mining stocks. However, local stocks were hit by a plunge in China' stock markets, reversing all of early gains in afternoon trade, to finish in the black. Most sectors posted positive results, with only consumer stables and financials losing their ground. The Australian dollar appreciated against the greenback but experienced mixed results against most major currencies.

Asian shares ended the day lower. China's central bank cut the reserve requirement for banks by 0.5 percentage points. The move comes as the Chinese Government looks for ways to increase economic growth. The central bank also guided the yuan lower today, sending it to its lowest level in three weeks.

Britain's top share index has closed in marginally positive territory, as a rally in mining stocks following new stimulus measures from China - the world's top metals consumer - lent support to the market. US stocks have done an about turn into negative territory after earlier edging up on China's move to boost its slowing economy and higher oil prices.

The Australian market looks set to open slightly lower with the SPI Futures down 12 points after Wall Street backtracked on early gains and landed in negative territory. In local economic news today, the Reserve Bank of Australia holds its monthly board meeting and makes its interest rate decision. The RBA is also due to release the index of commodity prices for February. Meanwhile, the Australian Bureau of Statistics will release January's building approvals figures, December quarter balance of payments and international investment position data, and government finance statistics for the same period.

Crowe Horwath Australasia Ltd. issued this content on 01 March 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 01 March 2016 03:25:27 UTC

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