Australian shares followed regional markets and US futures lower this morning as weak local job ads added to deteriorating sentiment.
At lunchtime, the ASX 200 was down 50 points or 1.3% at 3777 after grinding lower for most of the morning. Job advertisements fell for the 14th straight month in June and have more than halved in the last year. The ANZ survey released this morning found that jobs advertised in newspapers and on the internet fell 6.7% last month.
However, the market was on the back foot from the open as falling commodity prices sparked selling in the energy sector (-2.5%), metals & mining (-2%) and materials (-2%).
There were big drops in local oilers as crude futures tumbled almost $1 this morning, trading recently at $64.96. Gold also retreated, falling $2.60 to $929.40.
Asian markets played catch-up on last week's slide in Europe and the US. The Nikkei lost 1.58% and the Hang Seng 0.94%. Dow futures were recently an ugly -64.
Tough day to make money. Skinny profits here from scalping MIG, CVN and more recently MMX but all small potatoes. Currently underwater on ALL - ready to take a loss if it can't close above the $3.50 support. Added ICN at 29.5.
