SYDNEY: The Australian sharemarket is expected to open lower tomorrow following a horror week and falls in overseas stocks.
AMP Capital chief economist Shane Oliver is tipping a soft start after the market was closed today’s Queen’s Birthday public holiday and European and US shares dipped amid continued uncertainty over Greece and growing expectations the US Federal Reserve will raise interest rates.
However Dr Oliver says he wouldn’t be surprised if the Australian market rebounds from its worst week of trade in three years during which the ASX 200 plummeted nearly 5 per cent.
“At this stage for Tuesday we’re probably looking at a slight fall at the open but only a minor one,” he said.
“We have had quite a sharp fall over the last week and it’s quite possible you might see a bit of a bounce given the market has become a bit oversold in the short term.”
