Wait-and-see mood prevails across Tasman

The Australian sharemarket ignored renewed strength for base metals overnight, instead reflecting the lacklustre performance from Wall Street to close lower yesterday. The S&P/ASX200 index was 3 points weaker at 5822.3.

MFS chief investment officer Guy Hutchings said the market trod water despite the renewed appetite for base metals. "Sentiment seems a bit subdued as equity and commodity markets grapple with the extent of any emerging slowdown in China and the US," Hutchings said.

"There is a sense that the tide is turning slightly but no one knows how much or at what rate."