PHOTO: The Australian sharemarket had a weak start to the week.CREDIT:AP
Australian shares backed away from an 11-year high on Monday as investors took a breather after last week’s strong gains, with investors selling out of real estate companies and banks.
The S&P/ASX 200 index ended the session down 26 points, or 0.4 per cent, at 6359.
Caution ruled in the Australian market on Monday ahead of a week that will include an interest rate meeting from the US Federal Reserve, key US jobs data and a resumption of trade talks between the United States and China.
“We can expect flip flops in sentiment each day but by the end of the week, the street should have a much clearer idea of the health of the world economy, the direction of US interest rates and the state of the US-China trade talks,” said Jeffrey Halley at OANDA.
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