SYDNEY: The Australian stocks opened the week sharply lower on the back of deep falls on Wall Street as local investors weigh continuing concerns over a Greek debt default and the impact of Chinese central bank moves over the weekend.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index fell 54.5 points, or 0.93 per cent, to 5,823.4 points, while the broader All Ordinaries index was down 52.2 points, or 0.89 per cent, at 5, 8799.3 points.
CMC chief market analyst Ric Spooner said the immediate question for traders this morning is whether the weekend news of additional stimulus initiatives in China will help offset the negative impact of growing concerns over Greece and signs of improving inflation in the US.
“Technical traders will now be looking for clues on whether recent market weakness is just another downdraft in the broad sideways move we have seen since the first 6,000 peak in the ASX index in early March, or whether we are in the process of beginning a more significant downward correction,” he said.
