Aust stocks lower at noon
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The Australian stock market has narrowed earlier losses but remained in the red as international markets digested the European Union's downgraded growth and unemployment forecasts.
At 1205 AEDT, the benchmark S&P/ASX200 index fell 0.27% to 5,417.2 points, while the broader All Ordinaries index decreased 0.26% to 5,411.5 points.
The European Union cut its 2014 forecast for the 17-member single currency to 1.1% growth next year, down from the 1.2% it forecast in May, and a 12.2% unemployment rate, up from the previous 12.1%.
Financials were mostly lower.
ANZ slipped 0.18% to $33.73, while Commonwealth Bank put on 1.49% to $78.15, after unveiling a $2.1 billion first-quarter cash profit.
National Australia Bank fell 0.2% to $35.73, and Westpac lost 0.9% to $34.04.
Investment bank Macquarie Group retreated 0.52% to $53.22.
In insurance, IAG was 0.49% lower at $6.16.
Suncorp edged down 0.23% to $13.27, and QBE lost 0.14% at $14.67.
Materials were mostly lower.
BHP Billiton edged down 0.05% to $37.87, while rival Rio Tinto increased 0.68% to $65.14.
Fortescue Metals gained 1.99% to $5.64, while Newcrest lost 0.59% to $10.16.
Whitehaven Coal fell 2.04% to $1.5575.
Oil Search lost 1.11% to $8.465, Santos fell 0.66% to $15.07 and Woodside Petroleum slipped 0.36% to $39.21.
In economic news, Australia narrowed its trade deficit in September more than expected, according to the Australian Bureau of Statistics (ABS).
CEDA launched a research report entitled Australia Adjusting: Optimising national prosperity.
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