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AUSTRALIAN STOCKS SLIDE AT THE OPEN

Photo by Phil Walter/Getty Images

Australian stocks have began Tuesday’s session lower, although, like Monday, the losses are significantly less than those seen in offshore markets.

First, here’s the scoreboard after 20 minutes of trade.

  • ASX 200 5216.7000 , -53.78 , -1.02%
  • All Ords 5269.7 , -53.09 , -1.00%
  • AUD/USD 0.7179 , -0.0009 , -0.13%

With the exception of the All Ordinaries Gold Index which is up by 1.6% on the back of safe haven flows, all sectors are currently trading in the red.

The most severe losses are coming from consumer staples, down 1.5%. Elsewhere financials, energy, healthcare and telecommunications are all trading down by more than 1%.

Despite the ructions in Chinese markets, partially blamed on the weak manufacturing PMI report for December released yesterday, materials are the relative outperformer, falling only 0.4%.

While the index is currently outperforming its global peers, whether that remains the case will largely be determined by the performance of Chinese markets when they begin trade later in the session.

The sell off in risk assets began at 12pm AEDT yesterday, shortly before the PBOC yuan fixing at 12.15pm AEDT and the start of trade in Chinese stocks at 12.30pm.

Further weakness in both will likely create further selling pressure.

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