PERTH: The Australian sharemarket has swung lower at noon following disappointing retail figures.
At 12.05pm (AEST), the benchmark S & P/ASX200 index had lost 31.1 points, or 0.61 per cent, 5070.4, while the broader All Ordinaries was down 30.1 points, or 0.59 per cent, to 5089.1.
The local market opened 1 per cent higher, following a strong performance on Wall Street where the Dow Jones Industrial Average added 1.8 per cent and the Nasdaq jumped 2.5 per cent.
The US Federal Reserve’s latest Beige Book — a snapshot of economic conditions in the Fed’s 12 districts — found growth continuing at its recent pace.
However, soft local retail figures soon saw the bourse in the red.
The Australian Bureau of Statistics retail trade data showed sales had declined in July, posting a monthly retreat for the first time since May 2014.
The result was far below economist expectations for a 0.4 per cent increase.
Meanwhile, the ABS also published data showing Australia’s trade deficit narrowed in July, heading in the opposite direction to economist expectations for a widening.
Elsewhere, the Australian Industry Group Australian Performance of Services Index (PSI) for August this morning showed expansion for the third straight month, improving 1.5 points to 55.6.
