Australian stocks took off in early trade but started to fade by midday.
Local investors first enthusiastically followed Wall Street’s lead where the S&P 500 closed 1.7% higher overnight.
The ASX 200 was up by 1.6% with all ten sectors stronger before the rally crumbled. A short time ago, the index was 4,921.60, up 12.22 points or 0.25%.
The slide was led by the major banks which came of 2% rises to be flat. Westpac was down 0.4% to $31.03 and the Commonwealth was up just 0.2% to $79.59.
The big miners were still ahead, with BHP up 2.3% to $15.23 and Rio Tinto also 2.3% to $39.75.
A rally by energy stocks also ran out of steam. Santos was up just 0.35% to $2.87 and Woodside Petroleum 0.89% to $27.11.