Market's winning streak ends
The Australian sharemarket's record winning streak ended after a stronger US dollar knocked commodity prices, the European Union threw down the gauntlet to Greece and China's trade data slowed sharply.
The S&P/ASX 200 index lost 5.3 points, or 0.09 per cent, to 5814.9 on volume 22 per cent above average as investors were reminded of the broad swathe of global risks markets faced this year.
On Friday the forecast beating US non-farm payroll increase of 257,000 jobs was viewed as positive by equity markets, but metals fell as the solid data raised the likelihood the US could raise interest rates by mid-year, supporting the US dollar.
The Australian dollar lost US0.6� to US77.65� and government 10-year yields jumped 8.7 points to 2.539 per cent following the 15 point jump in US 10-years to 1.96 per cent.
On Friday US stocks sold off after the European Union rejected Greece's requested for a bridging loan while it negotiated its bailout term.
Tensions were raised yesterday Greek Prime Minister Alexis Tsipras said it was "the irrevocable decision of our government to honour the mandate of the Greek people and negotiate an end to the European Unions austerity".
Coming two days before an emergency meeting with the euro areas finance ministers, the hardline comment stoked fears Greece would be forced out of the eurozone.
The Shanghai composite index was up 0.3 per cent at the close of the ASX after the country recorded a record high surplus on 19.7 per cent slump in imports and 3.2 per cent drop in exports.
In Tokyo the Nikkei index was up 0.2 per cent.
Spot iron ore rose 1.3 per cent to $US62.49 a tonne on Friday and Dalian iron ore futures were down 0.2 per cent today.
Copper fell 2 per cent to $US5615 a tonne, gold dropped 2.2 per cent to $US1237.30 an ounce and Brent crude oil rose 2.7 per cent to $US58.10 a barrel.
More to come…
