(MENAFN- ProactiveInvestors - Australia) Australian shares pulled back after a mid-day dip to close almost unchanged today with miners pulling up the rest of the market.
The benchmark ASX 200 was up 0.9 points to 5,047.2 while the broader All Ords slipped 1.6 points to 5,026.3.
Reserve Bank of Australia governor Glenn Stevens had earlier today said that inflation would not stop the central bank from cutting interest rates if needed to support the economy.
Although when you think about it, if a rate cut is needed it says more about the economy requiring economic stimulus which isn't that healthy. Markets do like their shot of drugs.
Stephens also welcomed the fall in the Australian dollar, saying that a further fall would not be surprising.
U.S. stocks fell on Monday due a negative reading on pending home sales as well as caution ahead of the Federal Reserve meeting. The Dow Jones had eased 37 points to 15,522, while the NASDAQ was off 14 points to 3599.
Gold for December delivery rose $7.70, or 0.6%, to settle at $1,329.60 an ounce on the Comex division of the New York Mercantile Exchange.
Spot gold had slipped $2.60 to $1,324.60 per ounce in Asian trade.
Miners digging ahead
BHP Billiton (ASX: BHP) rose $0.40, or 1.16%, to $34.95 while Rio Tinto (ASX: RIO) put on $0.60, or 1.05%, to $57.71.
Fortescue Metals Group (ASX: FMG) was up $0.06, or 1.64%, to close at $3.71 while Newcrest Mining (ASX: NCM) gained $0.15, or 1.24%, to $12.30.
Financials mixed
Three of the four major banks posted minor gains with Commonwealth Bank (ASX: CBA) up $0.17, or 0.23%, to $74.03, Westpac (ASX: WBC) rising $0.04, or 0.13%, to $30.86 and National Australia Bank (ASX: NAB) climbing $0.03, or 0.10%, to $31.19.
ANZ Bank (ASX: ANZ) was down $0.05, or 0.17%, to close at $29.59.
Second tier banks were also mixed with Suncorp (ASX: SUN) sliding down $0.09, or 0.70%, to $12.73 and Bendigo and Adelaide Bank (ASX: BEN) shedding $0.01, or 0.09%, to $10.64. Bank of Queensland (ASX: BOQ) went in the opposite direction, rising $0.04, or 0.43%, to $9.44.
Investment bank Macquarie Group (ASX: MQG) was a star performer, putting on $0.77, or 1.81%, to close at $43.42.
Juniors
Horseshoe Metals (ASX: HOR) has built on recent gains with a 8.22% increase to $0.079.
The company's shares have risen 78% over the past three weeks to $0.073 on Monday as interest in its Horseshoe Lights project in Western Australia builds as it carries out exploration targeting massive sulphide copper-gold mineralisation.
Asian Stocks
Asian markets were generally higher after China's central bank injected funds into money markets for the first time since February.
The Nikkei gained 1.53% to close at 13,869.82 points after the yen fell while the Hang Seng Index is up 0.16% to 21,884.96 points.
The Shanghai Stock Exchange Composite Index is up 0.67% to 1,989.57 points.
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