Asian markets declined Tuesday on steep overnight losses on Wall Street, though Japanese and South Korean stocks were down only modestly after their steep fall Monday.
The Australian share market was in the red at noon with the mining sector weighing on the local bourse and following a weak lead from Wall Street.
All Ordinaries had dropped 25 points, or 0.29 per cent, to 4372
Some analysts are saying "We saw a big sell off in the US overnight and the market here has held up pretty well. People certainly aren't panicking. There was some selling this morning and there was also some buying."
The Reserve Bank of Australia (RBA) says the improvement in the global and domestic economies means further interest rate cuts are unlikely to be necessary.
Instead, if the improved prospects for economic growth prove accurate, the RBA says it will need to lift the cash rate from the current 49-year low of three per cent.
Dexus Property Group (DXS) has posted a $1.46 billion full year loss as its portfolio value plunged, and says it expects conditions to remain challenging in the coming year. Dexus's net loss follows a net profit of $438 million in the prior financial year.
The best performing sector at midday is the Industrials index up 18 points to 3,495. Shares in Monadelphous Group up 6.54 per cent at $12.05. Shares in United Group and Downer EDI are also stronger at noon.
One of the worst performing sectors at midday is the Consumer Discretionary index, down 7 points at 1,432. Shares in APN News & Media down 3.39 per cent to $1.71. Shares in Aristocrat Leisure and the Pacific Brands are also lower at noon.
Gold is currently trading at $938.60 US an ounce and the Aussie dollar is trading at 82.54 US cents.
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