The share market's 10-day winning run is under threat after most regional markets followed Wall Street lower this morning.
At lunchtime the ASX 200 was 23 points or 0.5% weaker at 4873 as declines in health stocks -1.3%, energy -1.1%, materials -0.6% and financials -0.4% overshadowed gains in IT +0.9%, consumer discretionary +0.1%, telecoms +0.1% and property trusts +0.1%.
Most Asian markets retreated after December industrial production in Japan missed expectations. Production increased a seasonally-adjusted 2.5%, short of projections around the 4-4.5% level. Read more here. The Nikkei dipped 0.79% and Hong Kong's Hang Seng lost 0.62%. Shanghai edged up 0.19%.
US futures were little changed despite wild swings in the share price of Facebook, which reported earnings shortly after the end of regular trade this morning. Shares in the social media company initially plunged 10% in after-market trade before stabilising around 3.5% in the red. Dow futures were recently off four points or less than 0.1%.
The morning's domestic economic news was positive. Private-sector credit grew a seasonally-adjusted 0.4% last month after two months of stagnation. Sales of new homes increased for a third month, rising 6.2% in December, after gains of 4.7% in November and 3.4% in October.
Crude oil futures dropped three cents this morning to US$98 a barrel. Spot gold firmed 10 cents to US$1,676.10 an ounce. The dollar was buying $US1.0425.
Bit of a stealthy pullback building up here. The market never rings a bell to announce a rally is over, so caution is advisable until the index finds a new base. There was so much news to take in this morning that I only traded a fraction of what was available. Looked at ICG at 4c and though I'd wait another couple of pips - doh. Caught some of the ride in PXS, as Endless predicted, but could have gone in harder. Squeezed a profit out of MHM and took a small punt on CTR.
