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At midday, the S&P/ASX200 index was down 26 points, while the All Ordinaries fell 30.
US stocks made modest gains on Monday as car maker General Motors posted stronger than expected sales figures, and the financial sector reversed early losses.
At close of trade the Dow Jones Industrial Average was up 32 points, while the Nasdaq composite added 11.
In Asian trading today Japan’s Nikkei was down 130 points at midday, while Hong Kong’s Hang Seng reopened after yesterday’s holiday to sit down 316 points.
In ASX news today, shares in clothing retailer Just Group fell more than ten per cent this morning as it issued a profit warning on the back of softer market conditions and industry-wide uncertainty.
Just Group, which last month rejected an $835 million takeover approach by Premier Investments, said it now expected earnings per share for the year to July 26 of between 29 and 30 cents, down from a previous forecast of 33 cents.
Meanwhile on the economic front, key survey results released by the Australian Bureau of Statistics today have painted an uncertain picture of the Australia economy. According to the Bureau, retail turnover in May rose by 0.7 per cent – well ahead of economists’ expectations.
The result, which points towards consumer resilience despite rising fuel and borrowing costs, shows seasonally-adjusted sales for May of $20.24 billion, compared to $20.1 billion in April.
However separate data also released by the ABS today shows that building approvals for May fell 6.5 per cent, as rising interest rates and tightened mortgage lending have taken their toll on the housing sector.
In individual share price movements on the ASX earlier today, mining stocks made broad losses despite rising metal prices. At midday BHP Billiton was down $1.35, Fortescue Metals fell 20 cents, Rio Tinto dropped $3.93 while Woodside Petroleum gained 24 cents.
Financial stocks were largely positive at noon. ANZ was up 64 cents, Commonwealth Bank added 82, National Australia Bank put on 58 cents, while Westpac gained 23.
Other blue chips were mixed. AMP was up 13 cents at noon, News Corp fell 41, Telstra slipped two cents, while Woolworths lost 37.
US stocks made modest gains on Monday as car maker General Motors posted stronger than expected sales figures, and the financial sector reversed early losses.
At close of trade the Dow Jones Industrial Average was up 32 points, while the Nasdaq composite added 11.
In Asian trading today Japan’s Nikkei was down 130 points at midday, while Hong Kong’s Hang Seng reopened after yesterday’s holiday to sit down 316 points.
In ASX news today, shares in clothing retailer Just Group fell more than ten per cent this morning as it issued a profit warning on the back of softer market conditions and industry-wide uncertainty.
Just Group, which last month rejected an $835 million takeover approach by Premier Investments, said it now expected earnings per share for the year to July 26 of between 29 and 30 cents, down from a previous forecast of 33 cents.
Meanwhile on the economic front, key survey results released by the Australian Bureau of Statistics today have painted an uncertain picture of the Australia economy. According to the Bureau, retail turnover in May rose by 0.7 per cent – well ahead of economists’ expectations.
The result, which points towards consumer resilience despite rising fuel and borrowing costs, shows seasonally-adjusted sales for May of $20.24 billion, compared to $20.1 billion in April.
However separate data also released by the ABS today shows that building approvals for May fell 6.5 per cent, as rising interest rates and tightened mortgage lending have taken their toll on the housing sector.
In individual share price movements on the ASX earlier today, mining stocks made broad losses despite rising metal prices. At midday BHP Billiton was down $1.35, Fortescue Metals fell 20 cents, Rio Tinto dropped $3.93 while Woodside Petroleum gained 24 cents.
Financial stocks were largely positive at noon. ANZ was up 64 cents, Commonwealth Bank added 82, National Australia Bank put on 58 cents, while Westpac gained 23.
Other blue chips were mixed. AMP was up 13 cents at noon, News Corp fell 41, Telstra slipped two cents, while Woolworths lost 37.
