SYDNEY: The Australian sharemarket has retreated further at noon as investors grapple with the implications of a US Federal Reserve rate rise made seemingly more imminent by strong jobs data on Friday.
At 12.05am (AEDT), the benchmark S&P/ASX200 index was 65.7 points, or 1.26 per cent, lower at 5149.3 points, while the broader All Ordinaries fell 63.1 points, or 1.2 per cent, to 5206.6 points.
The benchmark opened 0.79 per cent lower and declined further across the morning as the job data’s effect on the greenback weighed on materials and energy stocks exposed to US dollar-denominated commodities.
The rising US currency had oil prices fall 1-2 per cent while iron ore ticked down to a four-month low as copper and nickel also declined. BHP Billiton was trading more than 3 per cent down as more details emerged about the fatal dam bursts at its Brazilian joint venture and following more than 5 per cent losses on its London listing on Friday. Rio Tinto was tracking more than 2 per cent lower over the morning.
In economic news, the Australian Property Institute’s NSW division found many property market professionals thought house price booms in Sydney and Melbourne had another six months to run.
Also, on the economic front, the ANZ job advertisements series showed job ads in October climbed for a third consecutive month.
