PERTH: The Australian stocks is substantially weaker at noon, despite a rally in mining and energy stocks on firming commodities, as traders approach Chinese economic data with caution.
At 12.05pm (AEST), the benchmark S&P/ASX200 index was down 34.9 points, or 0.59 per cent, at 5911.7, while the broader All Ordinaries index slipped 34.3 points, or 0.58 per cent, to 5881.9.
All sectors were trading in the red across the market at noon apart from energy and mining stocks.
The energy sector was supported after global oil prices rose for the fourth straight day in overnight trade, while mining stocks lifted as the iron ore price surged back over $US50 a tonne.
In local economic news on Wednesday, the Westpac/Melbourne Institute Survey of consumer sentiment showed confidence was falling ahead of the May federal budget.
Global credit rating agency Moody’s said Australia’s triple-A rating was safe for the time being, but that it was threatened if the federal budget is not put in order.
Quay Equities head of trading, Tristan K’Nell, said consumer confidence was stuck in a rut as the growing political uncertainty offset any gains from interest rate cuts and fuel price falls.
