Global uncertainty pushes stocks lower despite positive consumer sentiment figures: Afternoon market insights

The Australian sharemarket was slightly lower today, despite rallies on overnight markets and figures showing consumer sentiment edged up in June.

At 3.30pm the ASX200 had tumbled 0.33% to 4059.6, while the broader All Ordinaries index gave up 0.28% to 4106.6.

The Westpac Melbourne Institute index of consumer sentiment edged up in June, its second consecutive monthly rise, lifting 0.3% to 95.6. Respondents felt better about their family finances compared to a year ago, and more confident in buying major household items. However, respondents expected both their own financial situation and the global economic outlook to deteriorate over the next year.

The dollar traded at 99.33 cents, up from 98.95 cents on Tuesday.

Treasurer Wayne Swan today told the Federal Government’s economic forum in Brisbane that the economy will have to adapt to a high Australian dollar, as this will determine its success across a range of industries.

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