The Australian market has started the trading day on a good note, with the XJO currently 27 points (+0.6%) higher, at 4392.

Most sectors are stronger, with telcos and energy stocks the standout performers.

Conversely, consumer discretionary shares are the weakest link.

On the economic front the RBA released minutes from its August meeting where it left the cash rate unchanged at 3.5%.

The central bank said while economic metrics from Europe and the US continue to be weak, things were getting better for China.

The RBA also mentioned that the full effects of the previous rate cuts may take some time to filter through the economy.

In relation to inflation the bank said it remained within its target range on an underlying basis.

In company news, Monadelphous Group has jumped 6.9% after posting a FY12 profit of $137.3 million, a 44.5% increase on last year's result. The profit beat analyst expectations.

Elsewhere, Oil Search is down 0.6% after reporting a first-half net profit of US$107.5, a 6.2% fall on the prior corresponding half. The result was broadly in line with estimates.

Around the region, Asian markets are mixed; the Nikkei is up 0.1% whilst the Hang Seng is flat.

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Midday Market Analysis: RBA unchanged is a post from: Australian Stock Report Market Pulse Blog