S&P/ASX 200 (ASX:XJO) (INDEXASX:XJO) closed the day 17 points down at 5,821, shrugging off a positive lead from U.S. stocks which jumped circa 1.4% on Friday.
The ASX had lost circa $90 billion of its value last week and hit a four-month low.
Meanwhile, Bitcoin clawed its way back from a four-month low of $US5,922 last week, rebounding 53% to $US9,069.
Midday: S&P/ASX 200 edges lower, with banks the weakest performers
A government-appointed inquiry into the nation’s financial industry has started, weighing down most of the banking stocks.
JB Hi-Fi (ASX:JBH) shares were down 8% despite a 21% jump in profits for the six months ended 31 December 2017, as investors reacted to a lower-than-expected outlook for the rest of the year.
10.50am: The ASX200 is trading at 5,821 points
The index opened down 0.5% as expected with banks the weakest performers at the start of the trading day. The index is currently trading at 5,821, down 17 points or 0.3%
Pre-market wrap: Dow up and FTSE down as volatile markets close the week with little direction
Dow Jones Industrial Average (INDEXDJX:DJI) index, while lacking direction for most of Friday, finished strongly to close up nearly 1.4% at 24,190 points.
The NASDAQ (INDEXNASDAQ:IXIC) finally put a halt to its horror run, but once again it was only in the afternoon session that the buyers returned.
Two of the stocks that had placed a considerable drag on both indices over the last week in Microsoft Corporation (NASDAQ:MSFT) and American Express (NYSE:AXP) with the best performers, both gaining circa 3.8%.
Nike Inc (NYSE:NKE) was the pick of the large players, gaining 4.8%.
The plummeting oil price remains a worry for investors, falling 3.4% to US$59.05 per barrel.
The FTSE 100 gave up 1.1%, finishing at 7092 points.
The index closed before the late stage kick in US markets, failing to benefit from any positive sentiment that may have flowed through.