The Australian share market is headed for its first weekly loss in six weeks after the big banks dragged indexes lower this morning.
At lunchtime the ASX 200 was down 60 points or 1.393% at 4317 after local traders ignored a third night of gains on Wall Street. Financials did much of the damage, down 2.1%, but there were also heavy falls for industrials (-2.2%), property trusts (-2%) and telecoms (-3.1%) after the Future Fund sold a quarter of its stake in TLS at a discount. There were few bright lights among companies reporting this morning, with nearly all selling off.
Asian markets were mixed. Japan's Nikkei index lost 1.28% this morning but Hong Kong put on 0.46% and Shanghai was up 1.91%. Dow futures were negative at -17 but improving. Gold was 50 cents stronger at $940.70. Oil spiked through $73 early in the sessions but was recently back at $72.65.
Been a tricky morning to make money and I've little to show for the effort, except skinny scalps on TLS and AMC. Bought EPG and WHN near their lows.
