In light of the leads provided by international markets overnight, the Aussie market is actually holding up reasonably well.
The XJO is down just 15 points (-0.4%), currently holding around 4105.
Most sectors are weaker, with materials, IT and consumer discretionary stocks the weakest links.
Conversely, defensive sectors such as telcos, utilities and healthcare are the best performers.
In company news Resolute Mining has fallen 1.1% despite announcing a 4% increase in gold production for FY13.
Elsewhere, Alumina is down 2.7% after US joint venture partner Alcoa reported a first 2Q US$2 million loss.
Around the region, Asian markets are mixed; the Hang Seng (-0.3%) and Shanghai Composite (-0.5%) are weaker after China released disappointing trade balance data, with imports much lower than expected.
The Nikkei is bucking the trend, up 0.3%.