The Aussie shares market open lower on the back of tech stocks falling on Wall Street, despite the broader Dow Jones hitting a fresh record high after the Senate passed a tax cut bill.
Financials here are seeing the most selling, while Telstra (ASX:TLS) is leading Telcos and a third of the market higher.
The likes of Jb Hi-Fi (ASX:JBH), and Myer (ASX:MYR) are trading over 1 per cent higher on the back of Amazon Australia officially launching this morning, while Harvey Norman (ASX:HVN) is about 3 per cent higher.
The ASX200 started to claw back early losses thanks to better than expected economic news, coupled with a lift in South32 (ASX:S32), Metcash (ASX:MTS), as well as a slight recovery in G8 Education (ASX:GEM) from yesterday’s tumble.
Aristocrat Leisure (ASX:ALL) went ex-div, paying 20 cents fully franked and Fisher & Paykel (ASX:FPH) also went ex-div, but is trading higher.
The S&P/ASX 200 index is 5 points down or 0.1 per cent lower to 5,980.
On the futures market the SPI is 2 points lower.
Local economic news
Australia’s Current Account Deficit dropped to $9.1 billion, beating expectations it would fall to $9.2 billion.
Retail trade grew 0.5 per cent in October, also beating surpassing expectations it would tick up by 0.3 per cent.
And the market is also sitting tight for the RBA’s decision on interest rates at 2.30pm with expectations the cash rate will hold at 1.5 per cent.
More company news
Australia's leading wholesale distribution and marketing company, Metcash (ASX:MTS) appointed Jeff Adams as the board’s Executive Director. It follows Jeff being appointment as Group CEO. The outgoing Ian Morrice will stand down after being at the helm for five years. Shares in Metcash (ASX:MTS) are trading 4.33 per cent higher to $3.13
Tatts Group (ASX:TTS) advised its shares could cease trading on 13 December 2017 if Court and shareholder approval is granted to merge with Tabcorp (ASX:TAH). Its bonds, (Tatts Bonds (ASX:TTSHA)) will remain on the ASX though. Shares in Tatts Group (ASX:TTS) are trading 0.35 per cent lower to $4.29
And Property fund manager Centuria Capital Group (ASX:CNI) has seen in funds under management grow over 13 per cent to $4.4 billion in the first half of this financial year. Its property valuations increased $115 million over the same period. Centuria Capital Group shares are trading 2.4 per cent lower to $1.43.
And asset management company, Spheria Emerging Companies Limited (ASX:SEC) started trading today. It floated with an issue price of $2.00, opened at $2.00 and is currently trading at $1.97.
Best and worst performers
The best performing sector is Telcos, gaining 2 per cent to 1,289. Shares in Telstra Corporation (ASX:TLS) have risen 2.3 per cent to $3.58. Shares in TPG Telecom (ASX:TPG) and Spark New Zealand (ASX:SPK) are also stronger.
The worst performing sector is Financials , falling 0.4 per cent to 7,191. Shares in Janus Henderson Group (ASX:JHG) have fallen 2.4 per cent to $47.80. Shares in CYBG (ASX:CYB) and Macquarie Group (ASX:MQG) are also lower.
Gold and the dollar
Gold is trading at $US1,277 an ounce and one Australian dollar is buying 76.28US cents.