Shares have eased for a second day as gains in defensive sectors and most of the big banks were overshadowed this morning by further declines in mining stocks and industrials.
At lunchtime the ASX 200 was down eight points or 0.2% at 4307 after gold stocks fell 2.4%, industrials 1.4% and metals & mining 0.9%. Consumer staples +0.7%, utilities +0.3% and financials +0.2% were the pick of the sectors.
Asian markets were once again hampered by weak economic data. Industrial production unexpectedly declined 1.2% in Japan last month and for a second month in South Korea. Shanghai eased 0.25%, Hong Kong's Hang Seng 0.35% and Japan's Nikkei 1.11%. Dow futures were recently up eight points or 0.1%.
Crude oil futures retreated another 23 cents this morning to US$94.62 a barrel. Spot gold was $4.40 softer at US$1,653.50 an ounce. The dollar was buying $US1.0293.
This market is skittish as a new-born colt. Plenty of people pulling the trigger first and asking questions later. The challenge is making sense of the selling. I had the good fortune to make a day's wage in the first 20 minutes with the rebound in MRM. Also caught some of the bounce in AOC but coulda/shoulda done better. Tossed up between FXJ, EHL and APN for a rebound and backed the wrong horse - so far at least.
