The Australian shares opened slightly higher this morning despite Wall Street and European markets posted losses overnight. The local market was supported as investors were hunting for bargains following a series of significant falls in recent sessions. Yesterday the Australian market closed at its nine- month low after the global markets fell on Germany's ban on naked short selling.
The Australian market yesterday experienced its worst day in a year with a massive 3.1 per cent drop, wiping off more than A$40 billion value from the local market. Asian shares also saw broad sell-off on Monday due to the lingering euro zone debt issue. After flat lead from Wall Street, the Australian share market rose slightly at opening on Tuesday and soon moved back to negative territory.
The Australian stock market opened sharply lower on Monday led by material sector. European bourses broadly tumbled on Friday as European governments' deep spending cuts increased worries over the region's economies. The negative sentiment also spreads through Wall Street and Asian Markets. The Australia's S&P/ASX200 index Monday fell approximately 1.8 per cent in early trade. In economics news today, the Australian Bureau of Statistics releases lending finance data for March.
The Australian shares gave up 1 per cent shortly after the market opened on Friday led by banks and big miners. The weak commodities prices and decline in Wall Street dented the local market. Today Asian markets also broadly fell after the poor lead from the US.
The Australian shares opened higher on Thursday after the better-than-expected economic data in the euro zone inspired the US and Europe markets. Asian stocks in early trade were broadly up on the good offshore leads. Australia's S&P/ASX200 index climbed over 0.9 per cent at opening.
Australian shares opened stronger this morning on bargain hunting, despite Wall Street overnight fell on worries over the effectiveness of the bailout plan for eurozone and fears over China's further move to tighten monetary policy. Yesterday China's data showing that inflation in the country is rising prompted declines in most Asian markets.
The Australian market was stronger this morning after European Union finance ministers agreed to create emergency measures totalling more than 500 billion euro to help eurozone countries facing financing trouble. The fund involves 440 billion euro from eurozone governments and another 60 billion euro of loan funds coming from the European Commission.
