An office worker is reflected in the window of the Australian Securities Exchange building displaying the ASX50 curve for Wednesday in central Sydney August 7, 2013. Australian shares skidded 1.3 percent on Wednesday, its biggest fall in five weeks, hit b
An office worker is reflected in the window of the Australian Securities Exchange building displaying the ASX50 curve for Wednesday in central Sydney August 7, 2013. Australian shares skidded 1.3 percent on Wednesday, its biggest fall in five weeks, hit by sharp falls in miners and financials as regional markets tracked a soft Wall Street lead amid uncertainty about the U.S. Federal Reserve's stimulus programme REUTERS/Daniel Munoz (AUSTRALIA - Tags: BUSINESS)

 Australian shares are managing to creep into positive territory after a weaker start for the fifth day. The ASX 200 Index (a measure of market performance) is up ~0.1 per cent. A close to 4 per cent slump in the oil price is holding back energy stocks most.

 A number of updates on the health of China's economy after market close yesterday are having a negligible impact on currencies and equities at lunch. Despite slightly weaker than expected data on retail spending and production (factory activity); it hasn't changed the market's belief that China's economy will continue to slow.

 US markets finished slightly firmer overnight and remain around record highs. A weekly report showed that more Americans are filing for unemployment benefits than previously thought however.

 Energy stocks are down by around 1.6 per cent following a 3.8 per cent slump in the oil price overnight due to demand concerns and plentiful supply. Companies involved with the production of oil are slumping most. Woodside Petroleum (WPL) is down 1.6 per cent while Santos (STO) is shedding 2.4 per cent.

 The banks started the day a little softer but have staged a comeback at lunch. National Bank (NAB) is up 0.8 per cent while Westpac (WBC) has been the worst performer. Yesterday WBC boss Gail Kelly announced her resignation after six years in the top job.

 News Corp (NWS) is down 1.3 per cent and met shareholders in Los Angeles overnight. Chairman Rupert Murdoch presented his eldest son Lachlan as the next person to lead the company and has received some criticism.

 Lend Lease (LLC) is up 1.1 per cent; however is down 1.2 per cent this week. Chief Executive Steve McCann said he's very positive about the property group's outlook; forecasts a development pipeline of $38bn and is aiming to boost foreign earnings by 30-35 per cent.

 Volume remains light with just 532.9m shares traded worth $1.45bn. 392 stocks are up, 355 stocks are down and 304 are unchanged.

 No major economic news is scheduled in Australia or the region today. All markets should trade normally across the region. The Australian dollar remains largely steady against the greenback buying US$0.87, €0.69, £0.55 and ¥100.9.

 Tonight an update on Europe's economic growth will be a highlight. The region has been underperforming recently. The G20 Leader's Summit kicks off tomorrow in Brisbane but is rarely a meeting which influences sharemarkets. Jobs and economic growth are expected to be major talking points.

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