The Aussie market is struggling so far today, weighed down by the terrible leads provided by international markets on Friday night.
The XJO is presently 70 points (-1.7%) underwater, with the index holding around 3995.
The losses are widespread, with all but one sector firmly in the red.
Consumer discretionary and industrial stocks are the hardest hit, whilst a strong performance from Telstra is keeping the telcos in the green.
In company news, Seek is down 3.4% after reiterating its full year earnings guidance and saying it will raise $125 in a subordinated notes issue.
Elsewhere, Gloucester Coal is down 1.5% after the company’s shareholders approved the merger with Yancoal Australia.
In economic news, The TD Securities – Melbourne Institute monthly inflation index was unchanged in May, after a 0.3% rise in April, amid cheaper fuel prices and lower holiday travel costs.
The month-on-month reading was the lowest since November.
In the year to May, inflation grew at only 1.8%, the third consecutive annual reading below the 2% lower end of the RBA’s 2-3% target band.
In other news, the monthly ANZ job ads survey out today showed that hiring intentions fell again in May, particularly in the mining boom state of Western Australia.
The national job ads index dropped 2.4% in May, leaving the measure of future job strength 4.3% levels seen a year ago.
April’s month-on-month decline was revised to a 0.8% decline, from a previously reported 3.1%.
Around the region, Asian markets are suffering a similar fate to the local bourse; the Hang Seng is down 2.5%, whilst the Nikkei is 2% weaker.