Shares waver as interest rate fears loom over markets
By Adrian Black
Australia's benchmark bourse has closed the first session of the week little changed. -AAP Image
Australian shares are off to another shaky start to the week, trading flat in the first session as investors mull a looming interest rate hike and tough economic conditions.
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The S&P/ASX200 rose 0.7 points, or 0.01 per cent, to 8,731.9, as the broader All Ordinaries slipped 3.6 points, or 0.04 per cent, to 8,919.1
The ultimately balanced session pointed to a defensive rotation away from interest rate-sensitive sectors as traders mulled sticky inflation and a higher-for-longer interest rate outlook, Global X ETFs strategy analyst Joseph Marassa said.
The Australian dollar is buying 71.23 US cents, down slightly from 71.27 US cents on Friday at 5pm.
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