The Aussie market is underwater so far today, following soft leads from international markets last night.
The XJO is presently down 30 points (-0.7%), at 4105.
The losses are widespread, with most sectors in the red; IT and materials stocks are the weakest links.
In company news, Billabong has announced a $225 million capital raising as it attempts to strengthen its balance sheet by paying down debt.
The raising will be at $1.02 a share, a massive 44% discount to its previous closing price.
Around the region, Asian markets are mainly weaker; the Hang Seng is off 1.1% whilst the Shanghai Composite is down 0.8%.
The Nikkei is the exception, up 1%.