SYDNEY: The Australian sharemarket opened half a per cent weaker as gains by the major miners on the back of a bump in the iron ore price were more than offset by broader weakness, particularly in banking stocks.
At the 10.15am (AEST) official market open, the benchmark S & P/ASX200 index was down 31 points, or 0.55 per cent, at 5605 points, while the broader All Ordinaries index was down 29.3 points, or 0.52 per cent, at 5610.6 points.
CMC chief market analyst Ric Spooner said investors would be faced with an interesting set of macro developments this morning.
“Last night’s news of better than expected inflation in Europe, together with the latest iteration of hopes for a settlement of the Greek debt crisis have reignited selling in world bond markets,” he said.
“Equity markets and central banks will be hoping the increase in bond yields remains relatively limited at this stage.
