egolinews.com

Once again, local shares stumbled out of the gates to trade down 1.2% soon after the open. Resources continued to drag as China’s efforts to slow lending fuelled uncertainty and pressured commodity prices.

A late sell-off on Wall Street erased early gains, adding to anxiety in domestic markets.

Investors are looking to December quarter CPI data, due out at 1130 AEDT. With the RBA undoubtedly embarked on a tightening cycle, investors will be looking to the data to help determine whether the monetary authority will pause or continue raising rates at its February Meeting next week.

Among the major miners, Rio fell 3.4%, BHP was down 1.6% and Fortescue lost 3.5%. Together, the companies accounted for around 15 points out the All Ord’s 57-point decline.

Financial were also trading lower with the big four banks down between 0.8% and 1.7%.

Elsewhere, Woolworths lost 2.3% despite reporting a 6% increase in sales for the half year to December 2009.

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