The market is having a slight hangover
The Australian Share Market is deep in the red to begin the session with the market taking a similar tone to the start of the week following Wall Street directly lower while a lack of economic data in the region giving the market little incentive to move higher. The quiet week of economic data is definitely the driver of the market weakness particularly when you add the large run we had in February. It does feel like the market is having a slight hang over when you consider the surprise outperformance of the market at the end of last week. Market Turnover into lunch was pretty good at $1.604 billion but this probably won't maintain into the afternoon session. The market is likely to see it drift sideways in the afternoon given selling was stronger than expected this morning. The psychological 6000 index level I feel needs to take a back seat for now, maybe an RBA rate cut next Tuesday could be the catalyst needed for the market to push higher. Across the market.. For the complete wrap please visit (VIEW LINK)
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