Aus shares have retreated 0.4 per cent at noon, after US markets dipped overnight, over concerns for a year-end fiscal cliff deadline and forecasts for a global economic slowdown from the Organisation for Economic Cooperation and Development (OECD).
The S&P/ASX 200 index is 19 points down at 4,438. On the futures market the SPI is 26 points lower.
Economic news
The Australian Bureau of Statistics has reported total construction work done in Australia rose 1.7 per cent in the September quarter coming in below expectations. Over the year, the volume of construction work done was up by 6 per cent.
Company news
Australia and New Zealand Banking Group
(ASX:ANZ) has formed a partnership with Swiss private bank Vontobel Group to deliver a broader range of products to its wealthy Asia Pacific customers. Under the terms of an MOU, ANZ says the move compliments its strategy to entrench itself in the region. ANZ expects to finalise the deal in the first half of 2013. National Australia Bank Limited
(ASX:NAB) and Westpac Banking Corporation
(ASX:WBC) are reportedly also eyeing wealth management opportunities amid subdued credit growth. Shares in ANZ are trading down 0.04 per cent at $23.80.
OrotonGroup Limited
(ASX:ORL) sales have lifted 7 per cent on a like-for like basis, since the end of July and ahead of the Christmas period. The accessories brand’s long-running licence deal to sell Ralph Lauren products in Australia expires next year. The company expects to generate $27 million for selling assets back to the American based label. Shares in OrotonGroup are trading down 0.62 per cent at $6.45.
Best and worst performers The best performing sector is telco services gaining 8 points to 1,474. Shares in Telstra Corporation Limited
(ASX:TLS) have risen 0.7 per cent and trading at $4.32. Shares in M2 Telecommunications Group are steady whilst Telecom Corporation of New Zealand is slightly lower at noon.
The worst performing sector is materials, falling 127 points to 9,926. Shares in Intrepid Mines have fallen 8.96 per cent, trading at $0.30. Shares in St Barbara and Perseus Mining are also lower.
Gold and the dollar
Gold is trading at $US1,742 an ounce and the Australian dollar is buying $US1.044.
