Half-time round-up:
The Australian stock market surrendered early gains this morning as selling in the financial sector outweighed buying of resource stocks.
At lunchtime the ASX 200 was down 1 point at 4754 and well off its morning high of 4799, set in the first half hour of trade. The big four banks were the main drag on the index, helping pull the financial sector down 1.1%, against a 1.6% spike for the miners.
The RBA revealed little in the minutes from its last meeting, released this morning. The minutes said further interest rate rises were likely "...but the pace of the adjustment remained an open question".
In economic news, business confidence has bounced back to pre-GFC levels, according to an industry survey released today. The NAB Small & Medium Enterprise Survey found business confidence jumped 22 index points to +15 points last quarter.
Yesterday's surprisingly strong Japanese GDP has done little for the Nikkei, recently down 0.15%. Hong Kong's Hang Seng rose 0.25% and Shanghai 0.27%. Dow futures were mildly negative at -22.
Crude oil futures slipped 17 cents to $78.70 a barrel. The spot gold price slipped $1.50 at $1,137.80 an ounce.
All in all, a disappointing morning. Squeezed a small scalp out of JPR. Had a first nibble at VIL - looking to build a position ahead of the upcoming drilling program and the delay has created an opportunity. Patience with GMG is finally paying off. Grabbed some ORD and GNS for bounces that have not yet eventuated.
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