Regional markets wilted this morning after weak U.S. consumer confidence raised fears over the sustainability of the global recovery.
At lunchtime the ASX 200 was down 59 points or 1.25% at 4659 as a broad sell-off left all sectors lower except property trusts, up 0.2%. Resource-sensitive sectors topped the declines, with gold, metals & mining and materials all down 2.2%.
In economic news, construction work picked up last quarter. Total work done in Australia climbed a seasonally adjusted 2.6% in the December quarter, the ABS announced today.
Hourly pay rates also edged higher last quarter. Hourly rates advanced a seasonally adjusted 0.6% and the wage price index was up 2.9% on a year ago.
Asian markets were lower. Japan's Nikkei sagged 1.9% as a strengthening yen pressured exporters after the announcement of a surprise trade surplus. Shanghai slid 0.4% and Hong Kong's Hang Seng 1.3%. Dow futures were at -3.
Oil and gold recovered some of the ground lost overnight. Crude oil futures rallied 36 cents to $79.20 a barrel this morning. The spot gold price climbed $4 to $1,106.50 an ounce.
A busy morning of bounce scalping here. No huge wins but a few points here, a few there soon add up. Traded CEY and FXJ twice but made most of my profits in UNS and DOW. Just grabbed some BBG down near support.
