The local market looks set for a weak start after Wall Street finally turned down, with defensive sectors likely to benefit.

In overnight trade, the US markets finally rolled over, declining throughout most of the session as funding fears over Spain and downbeat comments from Federal Reserve member Plosser all but cancelled out the higher start. Early on there had been a swathe of positive economic releases, including a much stronger-than-expected read into consumer confidence.

The tech-heavy NASDAQ was the biggest decliner, slipping 1.40 per cent, while the S&P 500 and Dow Jones Industrial Average lost 1.05 per cent and 0.75 per cent respectively.


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