Most sectors are weaker, with energy, industrials and materials the weakest links whilst telcos and utilities are doing their best to prop the market up.
In company news, Bluescope Steel has been down as much as 5% after announcing the cancelation of a planned US$300 million offer because of recent volatility in the US credit markets.
Elsewhere, CCV has jumped over 9% after releasing its September quarter report in which it stated that its unaudited EBIT increased 43% to $14.2 million due to strong performance of the personal loan books in Australia and the UK.
In economic news, the latest ABS today revealed that home loans approvals are on the rise. The bureau says 46,395 home loans were approved in September, 0.9% more than the 45,983 that got the green light in August.
Economists had expected housing finance commitments to rise 1% in September. The ABS says total housing finance by value rose 3.8% in September, seasonally adjusted, to $21.203 billion.
Around the region, Asian markets mainly weaker; the Hang Seng (-0.2%) and Nikkei (-0.6%) are both slightly in the red.