Sunday, May 27, 2012

Australian shares expected to open lower

The Australian sharemarket is expected to open slightly lower on Monday as worries about Europe continue to weigh on global markets.

Another flare-up in Europe's debt crisis knocked US markets lower on Friday as Spanish bank Bankia hoped for a major bailout.

The Standard & Poor's 500 index fell 2.86 points to 1317.82. The Nasdaq composite fell 1.85 points to 2837.53.

AMP Capital Markets head of strategy Shane Oliver said Australian futures fell 13 points, or 0.3 per cent, as a result of the fall in US shares.

"The odds are we'll probably end up down slightly at the open," Mr Oliver said. Read More