SYDNEY: The Australian sharemarket has again failed to challenge the 5700 point level, with manufacturing data out of China pushing the benchmark back from its 5699 Friday close.
At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 was 19.9 points, or 0.35 per cent, down at 5679.3, while the broader All Ordinaries index had fallen 17.4 points, or 0.31 per cent, to 5664.3.
The market has twice-recently flirted with the 5700 levels — on July 24 and also in late June — and IG chief markets analyst Chris Weston said it had “notably failed again”.
China’s official manufacturing data was deemed lacking over the weekend, while the unofficial Caixin purchasing managers’ index for the sector showed a quickening contraction today.
The soft data weighed on resources stocks, which brought an end to a three-day winning streak for local shares.
Mr Weston said traders’ eyes would now be on China-exposed companies during the August earnings season.
“I like the idea of listening to companies that make over 10 per cent of revenue from China, specifically after hearing discouraging rhetoric from the likes of [international listings] Caterpillar, VW, United Technology and Carrefour,” he said.
