THE Australian market has opened lower as lacklustre Chinese manufacturing data impacts mining stocks.
IG market strategist Evan Lucas said the local market was being dragged down by the resources sector as commodity prices drop after disappointing economic data from China.
"The manufacturing data was a bit flat to slightly on the bottom-weak side which has seen commodities pull off and which has seen the materials sector pull back," he said.
The mining giants all opened lower. BHP Billiton fell 20 cents to $31.97, Rio Tinto dropped 36 cents to $54.67 and Fortescue lost two cents to $54.67. Oz Minerals dived seven cents, or 1.69 per cent, to $4.06 and Newcrest tumbled 20 cents, or 1.22 per cent, to $16.25.
The four major banks also had a negative start after recent gains. ANZ lost 15 cents to $31.54, National Australia Bank dropped 11 cents to $33.84, Westpac fell eight cents to $33.98 and Commonwealth Bank tumbled 27 cents to $72.68.
Flight Centre shares were up $1.74, or 4.56 per cent, to $39.91 after the travel company upgraded its full year guidance from $305 million to $315 million, to between $325 million and $340 million.
GrainCorp shares lifted six cents, or 0.47 per cent, to $12.87 after it announced due diligence regarding its takeover by Archer Daniels Midland (ADM) was completed.
US stocks tumbled yesterday following weak employment and manufacturing data, and as the Federal Reserve stuck to its aggressive economic stimulus program. The Dow Jones Industrial Average lost 138.85 (0.94 per cent) to 14,700.95.
KEY FACTS
* At 10.22am AEST today, the benchmark S&P/ASX200 index was down 21.1 points, or 0.41 per cent, at 5145.1 points.
* The broader All Ordinaries index was also down 21.4 points, or 0.42 per cent, at 5122.5 points.
* The June share price index futures contract was 24 points lower at 5,137 points, with 6796 contracts traded.
* National turnover was 296.4 million securities worth $466.95 million.
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