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FAT PROPHETS - The End Of financial Tax Year

Investors remained in wait-and-see mode ahead of the US Federal Reserve's two-day meeting. Shares ended flat with investors in wait-and-see mode ahead of the US Federal Reserve's two-day meeting, where officials are expected to lift rates for just the third time in the past decade.

The local market has moved in a tight range of between and points over the better part of the past two weeks and even Wall Street seems to have run out of puff, drifting slightly lower after last reaching all-time highs at the start of the month.

With a US rate rise on Thursday morning Australian time much telegraphed by Fed officials over the past two weeks, markets are more focused on the central bank's guidance on the pace of further hikes this year. Fat Prophets CEO Angus Geddes said he expected much of the Fed rhetoric - in its statement as well as the ensuing press conference by chair Janet Yellen - to be more dovish than some investors were expecting but added the US market was due for a bit of a correction after its strong rally this year.

And despite the fact that the Australian share market has lagged, it would also likely retreat in sympathy. Still, any indication the Fed might lift rates at a faster pace than the current three moves priced in for this year is likely to hit interest rate sensitive sectors such as utilities or listed property. The latter on Tuesday fell for a sixth straight session, losing 0.

The resources sector was once again one of the few areas that saw some price movement, with the energy sub-index rising 1 per cent as oil prices inched up from three-month lows, while materials added 0. Sentiment amon miners was boosted by a continuing recovery in Chinese steel and iron ore futures, which were both up more than 3 per cent in afternoon trade after a spike in Chinese property sales in the first two months of the year suggested steel demand will remain supported.

Among index heavyweights, BHP added 0. Senex Energy jumped 6. Chinese industrial production, retail sales and fixed-asset investment data suggest the country's economy remained strong at the start of , Capital Economics economist Julian Evans-Pritchard said.

Businesses pulled in their horns a little in February, according to NAB's monthly business survey, after a "surprisingly strong" couple of months. That said, "both conditions and confidence remain at above-average levels", NAB noted, despite dropping back from multi-year highs.

Shares in the major four ASX-listed lenders have continued to outperform this year, and Deutsche Bank sees even better times ahead for bank shareholders. Strategist Tim Baker in a note to clients said he remained upbeat and upgraded the sector to "overweight".

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He cited six reasons: Among the big four, Westpac is the analyst's top pick. The British currency barely budged, despite overnight talk of a new Scottish referendum on independence and the prospect of UK Prime Minister Theresa May triggering the start of the country's exit from the European Union.

That stability may have been some measure of how far sterling has fallen - more than 20 per cent in a year - and how cheap it now seems to big financial investors. STOCK WATCH - Brickworks. Brickworks shares jumped 7. Analyst Tim Piper reckons the market is sharply undervaluing the building materials company.

Fat Prophets Australia Fund Stock Chart - FAT

The recent frenzy in housing construction activity is set to decline in the coming months and years, but "the market appears to be already pricing close to bottom of the cycle earnings in Brickwork's building products division," Mr Piper says.

The story ASX steady ahead of Fed rates first appeared on The Sydney Morning Herald. Want to get free, daily news updates? Subscribe by entering your email address below:. Wollongong's Lisa Burling, of LBPR, is excited about new scholarships being available for regional businesswomen.

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