Australian Sharemarket Buoyed despite Global Falls

The Australian sharemarket managed to steer clear of the losses seen on Wall Street and in Europe on Tuesday - gains were seen on shares in mining companies and banks.

Since the end of last week shares around the world have been declining on the back of fears that the global economy is at risk of falling under the European debt crisis.

While US Treasury chief Bernanke assured markets that the US economy was stable, investors were still very jumpy around European assets.

It seems that now, investors are likely to stay wary of EU assets - while in Australia it was so-called 'bargain-hunting' that apparently led investors to keep the market afloat on Tuesday.