Australian shares sank to a four-week low this morning despite gains on most regional markets.
At lunchtime the ASX 200 was down 11 points or 0.2% at 4703, with all sectors trading lower except energy, IT and industrials.
The dollar dipped back under US$1 as traders factored in the economic impact of floods in Queensland. The dollar was recently buying 99.97 U.S. cents.
"The La Nina factor is going to be quite a distraction to us this year," Lucinda Chan, division director at Macquarie Equities told Fairfax. "No one is really doing a lot. They are all just waiting to see the outcome of this flood and how much of an impact it really is."
Asian markets mostly advanced this morning. Japan's Nikkei was up 1.2% and Hong Kong's Hang Seng ahead 0.44%, but Shanghai just dipped to -0.03%. Dow futures were recently at -1.
Crude oil futures edged up 9 cents this morning to $90.44 a barrel. Spot gold was $1.50 weaker at $1,375.50 an ounce.
A torrid morning for some of the recent high-flyers. I've been scalping the lows in a few, including MNM three times, NRU and SSN. Currently holding IRN - turn you blighter...!
