Thanks Endless. Half-time round-up:Australian shares have...

Thanks Endless.

Half-time round-up:

Australian shares have retreated for a second day despite gains in Asia and a jump in consumer confidence.

At lunchtime the ASX 200 was down 12 points or 0.3% at 4230 as weakness in resource stocks outweighed rising financials (+0.2%) following a record profit from CBA and surging property trusts (+2.4%) after Westfield unveiled a multi-billion dollar joint venture in the US.

Asian markets advanced, with Japan's Nikkei rising strongly for a second day as falling yen boosted the outlook for exporters. The Nikkei rallied 1.06%, Shanghai 0.04% and Hong Kong's Hang Seng 0.44%. Dow futures were recently down five points or less than 0.1%.

Consumer confidence improved for a second month in February as last year's rate cuts continued to filter through. The WBC-MI index rallied 4.2% to 101.1. A separate report showed vehicle sales increased by 1.3% last month.

"This is a strong result and provides some lagged recognition from consumers of the two rate cuts which the Reserve Bank and the commercial banks delivered to mortgage and business borrowers," Bill Evans, Westpac chief economist, said of the rise in consumer sentiment in a statement quoted on Fairfax.

Crude oil futures fell 40 cents this morning to US$100.75 a barrel. Spot gold was 60 cents higher at US$1,722.80 an ounce. The dollar was buying US$1.0674.


The ASX has a bad case of the glums since last week's BHP and Rio results, compounded by today's FMG cut in production outlook. Asia is green but we're underwater. Feels like some of the international money is being repatriated as China shows no hurry in easing. Not that you'd know it from the way the spec end is charging. Been a middling session at this trading desk. Just grabbed some AFR in that dump. Added some MCE at support but it's as slow as mud. Escaped from CSR at break-even at the open.