Local shares today shrugged off solid overseas leads, an improvement in local business confidence and modest morning gains in oil and gold.
At lunchtime the ASX 200 was off 15 points or 0.3% at 4694, with gold, health and telecoms the only sectors on the rise.
In economic news, business confidence recovered to pre-GFC levels last quarter. The NAB business confidence index rose from 3 in the June quarter to 9.
"Business confidence increased in the September quarter to levels consistent with those in 2007," NAB chief economist Alan Oster told Fairfax.
Oil and gold built on overnight gains. The spot gold price was $2.30 higher at $2,342 an ounce. Crude oil futures rallied 15 cents to $82.42 a barrel. The dollar was buying 99.23 U.S. cents.
Asian markets were mixed. Japan's Nikkei eased 0.25%, Shanghai rallied 0.31% and Hong Kong's Hang Seng was up 0.42%. Dow futures were recently at +1.
The sharp pullbacks in RE stocks continue to offer intraday trading opportunities. I've traded LYC a couple of times each day since Friday. Less successful so far with a buy in ALK this morning. Rode the opening run on CCL and skimmed a profit out of WHN. Holding KAR for any bounce like yesterday's this arvo.
