Half-time round-up: Australian shares hit the skids this morning...

Half-time round-up: Australian shares hit the skids this morning after a weak lead from Wall St was compounded by grim local business investment figures confirming Australia is almost certainly in recession.

The ASX was down 55 points or 1.5% at 3745 at lunchtime after the release of data showing local business investment plummeted a worse-than-expected 8.9% during the first quarter. The data seem to wipe out lingering hopes that Australia might avoid a technical recession of two quarters of contraction.

The Nikkei in Japan was fractionally weaker in morning trade. Dow futures were recently at -4. Gold remained under pressure, sliding $3 this morning to $946.70.

My style of trading seems to suit down-days. Bought TTS and IAG when they opened at support levels. Traded the bounce in AQP. Got into MIG too early but currently at breakeven and looking for a recovery of a point or two this arvo.