The Australian sharemarket retreated in late trading to finish in negative territory for the fifth consecutive session despite making up some of the ground it had lost over the past week.
Sell in May and go away,says the old stock market adage. Maybe that should be brought forward a week or two this time around.
The Australian sharemarket was a sea of red on Tuesday,weighed down by a “perfect storm” of factors.
The Australian sharemarket dropped on Monday following rising tensions in the Middle East and a mixed start to the US profit reporting season which dragged down Wall Street over the weekend.
Rate-sensitive sectors including consumer stocks dragged the local sharemarket lower,despite a US equities rebound overnight following its steep sell-off.
Interest-rate sensitive sectors drag the local bourse lower after US stocks slump following a report revealing larger-than-expected US inflation.
The Australian sharemarket stepped up on Wednesday,despite US stock indices slipping ahead of some potentially market-moving reports later in the week.
US markets were flat overnight ahead of a week in which the focus will be on inflation figures and the prospect of fewer interest rate cuts by the Fed.
The Australian sharemarket traded steadily on Monday following a solid finish in New York on Friday after a surprisingly strong US employment report.
Technology and mining stocks dragged the ASX lower after US equities slammed into reverse.
The Australian sharemarket held steady after major US stock indices stalled after a stellar run from November to March.