The Australian sharemarket opened little changed after a solid report on US manufacturing activity lifted Wall Street to new record highs.
At the 10.15am (AEST) official market open, the benchmark S&P/ASX200 index was 3.7 points, or 0.07%, lower at 5,514.9 points, while the broader All Ordinaries index fell 3.6 points, or 0.07%, to 5,495.5 points.
IG chief market strategist Chris Weston said Australian shares were performing differently to global markets.
Investors were unsure whether the market was about to make a break upwards or pull back, but the release of a lot of significant Australian economic data this week might provide a catalyst, he said.
"This market looks tired and is gravitating slowly but surely higher but is it time to put money more in or is this market looking to pull back ... that's the question most people are running with?" Mr Weston told AAP.
Locally, materials were the biggest gainers, inclining 0.51%