Australia's ASX 200 look set to slide for a sixth session as banks edge towards a bear market

A 650 metere long water slide in New Zealand. Phil Walter/Getty Images

As mentioned earlier this morning it looks like Australia’s ASX 200 will open in the red this morning with SPI futures pointing to a decline of 24 points on the open.

The index fell every day last week, equalling the longest losing streak seen this year. Should the weakness predicted by futures play out on the physical market it will mark the sixth-consecutive day of losses, something that hasn’t been seen since mid-December last year.

From the high of 5996.9 on March 3 the index has now fallen by 8.3%. Despite the recent weakness it remains 0.63% higher than one year ago.

The performance of financials, as the largest weighting on the index, will largely determine whether or not this unenviable record eventuates. The ASX 200 banks index has fallen nearly 18% after hitting a multi-year high on March 25 with the sub index now approaching the 20% level that defines a technical bear market.

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