The ASX is surging after the RBA cut rates

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Australia’s share market is rallying after the RBA cut the official cash rate to a record-low 1.75%.

Banking shares are up strongly, with ANZ up now almost 6% in today’s session. The Commonwealth Bank, Australia’s largest, was up 3% and NAB was up 2.9% a short time ago.

Via, here’s a chart showing the lift from 2.30pm AEST when the RBA announced the rate cut. A short time ago, the ASX200 was up 1.35% for the session.

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