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Aussie shares open lower

Xinhua, March 9, 2016 Adjust font size:

The Australian share market opened lower on Wednesday.

At the 1015am (AEDT) official market open, the benchmark S&P/ASX200 index was down 14.0 points, or 0.27 percent, at 5,094.0, while the broader All Ordinaries index was down 14.7 points, or 0.28 percent, at 5,154.8.

The moves in global markets and the ASX over the past six to seven trading days have led to statements such as "rallies are back", "new market order" and have even seen this call "new bull market", said IG market strategist Evan Lucas in a note on Wednesday.

"As much as I would like to agree with the positive sentiment, several key macro headwinds remain on point and the drivers of the past week are now showing signs of topping out, i.e. iron ore, oil markets and US markets," he said.

Westpac economists also noted global market sentiment reversed lower overnight, partly attributed to the weak Chinese trade data released Wednesday.

At the open, ANZ added 0.2 percent, the Commonwealth Bank of Australia lifted 0.58 percent, the National Australia Bank lifted 0.48 percent, while Westpac edged 0.47 percent higher.

BHP Billiton fell 4.59 percent while rival Rio Tinto also fell 4.37 percent. Woodside Petroleum lost 3.19 percent. Endit