Fears of Europe hurt investors’ confidence again: Afternoon market insights

The Australian sharemarket is down today with investors wary over Europe’s performance.

Greece is heading towards an election while there are fears that Spain’s economy will continue to worsen after Moody’s cut their debt rating to Baa3.

At 3.30pm AEST, the ASX fell 22.90 points to 4040.90 while the All Ordinaries dropped 23.10 to 4088.40.

David Land, head analyst at CMC, believes that there is general disinterest in the sharemarket.

“I think that investors in many cases are really just tired of seeing the same story of ups and downs in the market so are down to their core portfolios now.”

“For a lot of people the fear driven by Europe is no longer a cause to do anything because they are now positioned for the longer-term.”

The Australian dollar has strengthened to $99.60 US cents.

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