MARKETS SPECTATOR: Taking profit

BHP Billiton looks set to lead the resources sector and the market lower in morning trade as investors take profits.

In overnight action, US markets finally succumbed to some healthy profit taking after last week's announcement of QE3 had lifted the major indices to multi-year highs. On top of that, the Empire State Manufacturing Index came in below expectations, which added to the selling pressure. All three of benchmark indices were lower by 0.2 per cent after being down as much as 0.6 per cent before a late session bounce.

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