Investors are sitting on the sidelines ahead of tomorrow morning's US central bank update on its stimulus strategy. The All Ordinaries Index (XAO) is down 0.3 per cent, however still is hovering around five-year highs. Local stocks have improved over seven of the past eight sessions. Global markets moved negligibly overnight and interrupted trade in the region is also keeping a lid on trade.
South Korea's markets will be shut today due to the Chuseok holiday. South Korea is Australia's third biggest export market and fourth most important two-way trading partner. Around ¾ of Australia's exports are delivered to nations within the region.
No major corporate news, such as annual or half year results are scheduled for release today. The quiet week for economic data locally and across the region continues. RBA Assistant Governor, Malcolm Edey is on a panel today discussing the economy. Mr Edey has played down fears of a housing bubble, saying that house prices have risen in line with incomes.
The banks have been standouts this month, up 3.3 per cent since the start of September. Three of the big four are up modestly today, with ANZ Banking Group (ANZ) a touch lower.
Mining and energy companies are holding back the market most, with BHP Billiton (BHP) down 0.47 per cent, while the smaller Rio Tinto (RIO) is 1.42 per cent lower. Oil and gold prices have continued to be sold off, largely due to the diplomatic route being used to deal with the Syrian conflict. Oil is down 2.5 per cent this week while gold has slumped by 4 per cent in just three sessions. Investors have moved away from safety since the US and Russian agreement on Syria. Gold miner Newcrest Mining (NCM) is one of the biggest drags, down 3.1 per cent today, continuing on its volatile run.
Internet service provider, TPG Telecom (TPM) surged by 14 per cent on Tuesday following a 64 per cent rise in annual profit and the addition of 76,000 new broadband customers over the year. TPM is up another 5.56 per cent today. iiNet (IIN), a smaller ISP is up 4.2 per cent.
At lunch, 1.03 billion shares have changed hands, worth $2.03 billion. 343 stocks are higher, 437 are in the red while 302 remain unchanged.
[Kick off your trading day with our newsletter]
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- Victoria's Secret Fashion Show 2013: Models' Ramp Walk Aired on Tuesday [PHOTOS]
- Victoria's Secret Fashion Show 2013: Bold, Sexy and Sensuous Lingerie Fashion [PHOTOS]
- Victoria's Secret Fashion Show 2013: Drooling Guys, Conscious Girls, Naughty Jokes on Twitter [SEE PHOTOS]
- Victoria's Secret Fashion Show 2013: Best Pictures From The Sexiest Show Ever [ SEE PHOTOS/VIDEOS]