Australia's share market has slipped after returning from the long weekend, following surprising US jobs data which increased the odds the Federal Reserve will have to hike interest rates before the year's end.
The S&P/ASX200 lost 45 points by midday on Tuesday, to be down 0.52 per cent to 8,580.1, as the broader All Ordinaries fell 55 points, or 0.62 per cent, to 8,800.9.
"A much stronger-than-expected US non-farm payrolls result on Friday unsettled financial markets, prompting investors to sharply reprice the Fed's policy path," Westpac Group economist Mantas Vanagas said.
The basic materials sector dropped by almost three per cent, as gold slumped to 11-week lows near $US4,270 ($A6,059) an ounce at the prospect of higher US interest rates and a stronger greenback.
