Aust stocks fall at noon
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The Australian stock market fell half a per cent at noon, slightly widening morning losses after falls on international markets despite yesterday's stronger than expected Chinese manufacturing data.
At 1205 AEST, the benchmark S&P/ASX200 index was 0.48% weaker at 5,227.5 points, while the broader All Ordinaries index fell 0.44% to 5,222.6 points.
IG market analyst Evan Lucas said the US Federal Reserve's future plans for quantitative easing would have ramifications for local markets.
"If the Fed does continue to hold the line on the $85 billion monthly purchases the Australian dollar and the local market will find support for the wrong reasons," Mr Lucas said.
"Earnings are not supporting current levels and with China adding more support to the ‘stability’ call with a solid HSBC print yesterday, the Australian dollar has a real possibility of overheating."
No major economic news is expected on Tuesday.
In Australia, the market yesterday finished lower, but stemmed some losses on the back of strong Chinese economic data.
Banking giant HSBC said its preliminary purchasing managers' index for the manufacturing sector in China hit 51.2 in September, the highest since March when the index stood at 51.6.
It's a further sign that a rebound in the world's second-largest economy is gaining momentum on improving demand.
In Australia, the benchmark S&P/ASX200 index was 24.2 points, or 0.46%, lower at 5,252.5.
The broader All Ordinaries index was down 25.0 points, or 0.47%, at 5,245.8.
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