The Aussie market is slightly under water heading into afternoon trading, currently down by six points (-0.1%) at 4272.
Most sectors are in the red, with materials and energy stocks headlining the declines. Defensive sectors including healthcare, utilities and consumer staples are among the few in positive territory.
In company news, Macquarie Group has had its credit rating downgraded by Moody’s due to concerns about earnings growth in a challenging market environment.
Across the Asian region, most of the key indices are trading higher. The Hang Seng is up 0.1%, the Shanghai Composite is ahead 0.8%, whilst the Nikkei is down 0.2%.