Shares thudded lower this morning, with resource stocks and small caps among sectors hit hardest by falls attributed by some analysts to strength in the dollar.
At lunchtime the ASX 200 was off 53 points or 1.1% at 4819, but more than 15 points above the session low. Property trusts and IT were the only sectors to rise during a morning where energy stocks fell 2.3%, health 2.4%, metals & mining 1.6% and the Small Ordinaries 1.5%.
"I think the strong Australian dollar is keeping things in check," Cameron Securities Client Adviser Adrian Leppinus told Fairfax. "The miners are being held back, as well as companies like QBE."
US futures drifted into the red as most Asian markets recorded modest losses. Shanghai was recently higher for the first session in six, overcoming early weakness to trade 0.18% stronger. Hong Kong's Hang Seng was down 0.1%. Both markets are closed on Monday. Japan's Nikkei was closed today for a bank holiday. Dow futures were recently at -4.
Home prices suffered their biggest quarterly fall in capital cities in 12 years, according to new data released this morning. City home prices dropped 2.1% last quarter, the largest fall since RP Data-Rismark started keeping records in 1999.
Crude oil futures eased 25 cents this morning to US $112.51 a barrel. Spot gold was $2.30 softer at $1,533.70 an ounce. The dollar was buying US $1.0906.
A torrid morning. Plenty of volatility for swing traders but you had to be quick. I missed plenty of promising pullbacks in that frenzied first half hour but scored bounce profits in AWC, ATN, AAX, ZGL and RFE. Still holding ALL and AMX.
