PERTH: The Australian sharemarket continued its downward spiral after the long weekend, opening weaker on the back of downbeat leads from Wall Street and sustained uncertainty about the Greek debt deal.
At 10.12am (AEST) on Tuesday, the benchmark S&P/ASX200 index was down 18.8 points, or 0.34 per cent, at 5,479.7 points, while the broader All Ordinaries index was down 18.2 points, or 0.33 per cent, at 5,488.3 points.
CMC chief market strategist Michael McCarthy said against a backdrop of ongoing bond value destruction, the Greek PM’s “latest piece of interpretive dance”, and better than expected US jobs data, markets face a turbulent week.
“Australian investors face a difficult day, with many looking to the long weekend to act as a circuit-breaker to last week’s negative momentum,” he said.
Locally on Tuesday, the ANZ-Roy Morgan weekly consumer confidence survey, ANZ job ads figures for May and the National Australia Bank’s monthly business survey for May are due out.
The Australian Bureau of Statistics will also release its housing finance data for April.
Mr McCarthy said home lending data is expected to show a drop of 2 per cent in April.
