SYDNEY: The Australian sharemarket edged lower at the open, bucking upbeat leads from Wall Street as weakness in mining stocks and consumer staples weighed on the local bourse.
At the 10.15am (AEST) official market open, the benchmark S & P/ASX200 index was down 14.1 points, or 0.25 per cent, at 5645.1 points, while the broader All Ordinaries index was down 12.6 points, or 0.22 per cent, at 5647.4 points.
CMC chief market strategist Michael McCarthy said a global bond sell-off was weighing on equity markets.
“Global bond yields continue to rise against a backdrop of rising US interest rates and a looming Greek tragedy,” he said.
“The adjustment to a post QE world is draining enthusiasm for shares, as Europe’s 1 per cent plus gains faded during US trading.
“Although futures markets are pointing to gains for Asia Pacific shares at the opening, the green may turn to red over the local session, especially if yesterday’s heavy, ex-dividend selling of banks returns.”
