Australian equities ignored the US lead and drifted lower and into negative territory over the morning session with the S&P/ASX 200 trading down 0.34 per cent, weighed down by consumer discretionary and energy stocks.
The SPI futures are pointing to a fall of 27 points.
Energy stocks traded lower as oil prices drifted lower overnight with Woodside down 1.2 per cent at 29.89 and and Santos down 0.8 per cent at $7.44.
In other stock news Fisher & Paykel Healthcare was trading 6 per cent higher on news the Company had upgraded its earnings guidance for FY’24.
Best and worst performers
The best-performing sector is REITs [XPJ], up 0.96 per cent. The worst-performing sector is Energy [XEJ], down 1.24 per cent.
The best-performing large cap is Fisher & Paykel Healthcare Corporation (ASX:FPH), trading 4.94 per cent higher at $23.56. It is followed by shares in Meridian Energy (ASX:MEZ) and Mercury NZ (ASX:MCY).
The worst-performing large cap is South32 (ASX:S32), trading 1.68 per cent lower at $2.93. It is followed by shares in Qube Holdings (ASX:QUB) and Atlas Arteria (ASX:ALX).
Commodities and the dollar
Gold is trading at US$2206.90 an ounce.
Iron ore is 3.9 per cent higher at US$110.65 a tonne.
Iron ore futures are pointing to a 1.86 per cent rise.
One Australian dollar is buying 65.70 US cents.