The Australian share market was down over two per cent at noon following significant losses over Wall Street's last session and weaker commodity prices.
All Ordinaries was down 94.9 points, or 2.04 per cent, at 4,552.
"The market's well and truly in the midst of a correction, which was to be expected. The data out of the US especially is just not consistent with the sort of recovery we've been getting, so the market's in a transition phase at the moment. There's no doubt that our economy is doing quite well, and the market recognises that. What we are concerned about is whether the US will continue to lag the rest of the world."
The ABS reports that Australia’s house price index for the third quarter rose 4.2 per cent from the previous quarter, up 6.6 per cent compared to the third quarter last year.
Majority of sectors are in the red at midday however the sector with the smallest loss is the Health Care index which is down 74 points to 8,313.
The worst performing sector at midday is the Industrials index, down 97 points at 3,709.
Gold is trading at US$1,044.70 an ounce and the Aussie dollar is trading at 90.12 US cents.
3 November Australia Melbourne Cup Day (holiday Vic) Australia RBA rate decision Japan markets closed NZ average earnings, Q3 UK performance of construction index, Oct US factory orders, Sep US vehicle sales, Oct
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