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Australian stocks start 0.6% lower, S&P 200 dips 38.9pts

Australian stocks start 0.6% lower, S&P 200 dips 38.9pts

SYDNEY: The Australian stocks opened more than half a per cent weaker after a stalemate between the European Union and Greece over the nation’s bailout package disappointed global markets.

At the 10.15am (AEDT) official market open, the benchmark S&P/ASX200 index fell 38.9 points, or 0.66 per cent, to 5,849.8 points, while the broader broader All Ordinaries index gave up 34.7 points, or 0.59 per cent, to 5,850 points.

CMC chief market strategist Michael McCarthy said while European investors fret about the possibility of a Grexit, local eyes will be awaiting the release of the minutes from the RBA February meeting.

“While the quarterly statement on monetary policy outlined the reasons for the rate cut, investors will look for a formal shift to an easing bias,” he said.

“Confirmation could see interest rate markets push towards certainty for a March cut, and spark further enthusiasm for Australian higher dividend yield plays.”

Industrials weighed most heavily on the market, giving up 1.29 per cent

Seek slumped 8.49 per cent to $17.14 after posting a strong lift in first-half profit.

Asciano fell 2.03 per cent to $6.28 after posting a slight lift in interim profit.

Monadelphous rallied 5.4 per cent to $10.03 after posting a decline in first-half profit.