Australian shares edged up Monday but sentiments were cautious as investors braced for a central bank policy decision due on Tuesday. The S&P/ASX 200 index ended flat at to 7675, witnessing a modest upmove in intraday trades. Recent weakness in the index triggered some buying as the index had dipped for last two sessions.
Miners stayed in focus as COMEX Copper is holding just under one year high above $4.10 per pound amid supportive equities and steady Chinese data.
Meanwhile, in February 2024, Australia's NAB business confidence index decreased to 0 from 1 in January. This was below the long-run average, mainly due to challenges in the retail sector caused by high borrowing costs and elevated inflation. However, business conditions improved, with sales and profitability increasing, and employment growing. Forward orders and capacity utilization eased slightly. Labor and purchase cost growth remained stable, while product and retail price growth accelerated.
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