0015 GMT [Dow Jones] Australia's S&P/ASX 200 is down 0.6% at
4926 as disappointing U.S. private-sector jobs data and commodity
price falls jolt cyclicals, with BHP (BHP.AU), Rio Tinto (RIO.AU),
Origin Energy, and Newcrest (NCM.AU) down 0.9%-3.3%. Banks are
mostly weaker, with NAB (NAB.AU) down 0.5%. "There's no hurry to
buy," says Michael McCarthy, CMC Markets' chief strategist. "If we
hold above 4928, there would be some reason for expecting a bit of
a bounce, but a close below that level could trigger a slide to
4700 in the short term." While the focus has shifted from the
Cypriot bank crisis to disappointing U.S. economic data, McCarthy
says equity markets are simply overextended. "There's been a lack
of fresh buying, so a pullback is inevitable," he says. "Markets
ran ahead of the U.S. economic recovery, which is likely to remain
slow and patchy." While April is normally a strong month, McCarthy
feels equities have seen an early "seasonal peak." Domestic retail
sales and building approvals data are due at 0030 and the outcome
of the BOJ's board meeting is due before the ECB meeting later
Thursday. Gains are mostly limited to defensives, with Woolworths
(WOW.AU), Westfield (WDC.AU), Amcor (AMC.AU) and Transurban
(TCL.AU) up 0.2%-1.1%. (david.rogers1@wsj.com)
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