Australian stocks are marginally lower for a second day as gains for resource stocks were countered by falls among industrials, insurers and banks.
At lunchtime the ASX 200 was down 1 point or 0.02% at 4744. The gold, materials and metals & mining sectors were all up more than 0.6%, while the big three insurers - SUN, QBE and IAG - were all down more than 2% following devastating floods in Queensland.
Manufacturing continued to contract last month as the stronger dollar weighed on overseas demand. The AIG/PwC Performance of Manufacturing Index fell 1.3 points to 46.3. Readings under 50 indicate contracting activity.
Asian markets followed U.S. stocks higher. Japan's Nikkei advanced 1.45%, Shanghai 0.4% and Hong Kong's Hang Seng 0.2%. Dow futures were recently at +14.
Crude oil futures eased 34 cents this morning to $91.32 a barrel. Spot gold was $1.20 softer at $1,413.80 an ounce. The dollar was buying 1.0139 U.S. dollars.
A fizzer of a morning for the overall market (overseas investors taking profits on dollar strength?) but a nice start to the year at this trading desk. Best trade was MMR - took five points out of the initial bounce. Been in and out of WDC twice. Would have made money on a half-decent fill in ASB at the low. Still holding SGP, SUN and ARM from near the morning's lows.
