The Australian share market has opened lower after markets in the US and Europe fell on Friday.
“Those falls in US markets appear to be weighing on sentiment around the globe,” CMC Markets chief market strategist Michael McCarthy said.
He said investor focus this week would be on the slew of Chinese economic data due out, providing some potential for backing away from the extreme bearishness surrounding the health of the Chinese economy.
“Over the course of this week, we will see trade data, industrial production and retail sales – all very important reads speaking to the broader health of the Chinese economy,” McCarthy said.
At 1025 AEST, among the major banks, Westpac was 20 cents lower at $29.74 as it outlined a new strategy.
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Westpac wants to attract more than one million new customers over the next two years and increase its annual investment by $200 million to $1.3 billion.
ANZ was off 19 cents at $26.67, Commonwealth Bank had reversed 31 cents to $71.84, and National Australia Bank was down 38 cents at $29.42.
In the resources sector, mining giant Rio Tinto lost 60 cents to $49.16 after ratings agency Standard & Poor’s revised the miner’s outlook to negative, from stable, due to continued commodity price weakness and volatility, and its dividend distribution commitment.
BHP Billiton was 61 cents weaker at $24.08, and Fortescue Metals had eased two cents to $1.84.
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Telstra dipped four cents to $5.57.
Medibank Private slipped 1.5 cents to $2.225.
KEY FACTS
* At 1032 AEST on Monday, the benchmark S&P/ASX200 index was down 50.6 points, or 1.0 per cent, at 4,990 points.
* The broader All Ordinaries index was down 48.3 points, or 0.95 per cent, at 5,012.5 points.
* September share price index futures contract was off 56 points at 4,969 points, with 10,816 contracts traded.
* National turnover was 239.6 million securities worth $575.8 million.
