The Aussie market is underwater so far today, following on from the bearish leads provided by international markets last night.
The XJO is down approximately 20 points (-0.5%), holding around 4010.
Materials, energy and industrials are the weakest links, whilst healthcare, IT and utilities stocks are the strongest performers.
Seven West Media has plummeted 9.9% after confirming its FY12 guidance and announcing CEO David Leckie would step down from his role and will be replaced by former Woodside Petroleum CEO Don Voelte.
Elsewhere, Billabong shares have jumped 9.4% after founder and largest shareholder Gordon Merchant said he is open to another takeover bid for the company.
Around the region, Asian markets are mainly weaker; the Shanghai Composite (-0.6%) and Nikkei (-0.5%) are the stragglers.