The local sharemarket retreated on Monday, tracking a sombre mood across Asia after China’s central bank disappointed investors with a smaller rate cut than hoped to support a deteriorating economy.

The People’s Bank of China trimmed its one-year lending rate by 10 basis points and left its five-year rate unmoved, a surprise to analysts who had expected cuts of 15 basis points to both.

ASX dips on China woes; Iress, a2 Milk slump comes via ChinaTechNews.com.