Quay Mid-Day Market Update

The Australian Share Market opening the day with a similar session to yesterday with the market pulling back on the back of another choppy Wall Street session while the resource sector continued to be mixed picture despite the continued rise of Iron Ore. Given no major economic data and the Fed Reserve meeting ending tonight, it was no surprise that the market see some selling with little incentive to make any large moves today. The market had been only seeing light selling however at around 11am the market dropping 40 points with selling pressure in the banks, retailers and insurers combining to send the market much lower. Market Turnover into lunch was higher this morning at $1.717 billion. The market has been hit hard over the last 30 minutes probably a little overdone. Given this and no major economic releases scheduled for the Asia Pacific Region expect the market to drift sideways. Across the market, we saw some weakness across U.S dollar leveraged stocks given the surge in the Aussie dollar overnight... For the entire wrap please visit (VIEW LINK)