Stocks to watch on the Australian stock exchange early on Wednesday:

BHP - BHP BILLITON - up 11 cents at $34.68

BHP Billiton has appointed Ian Maxwell as President Energy Coal following Jimmy Wilson's move to become President Iron Ore.

CBA - COMMONWEALTH BANK OF AUSTRALIA - up two cents at $52.08

The Commonwealth Bank of Australia (CBA) is cutting interest rates on its one- and three-year fixed home loans by up to 0.34 percentage point. (RATES CBA on file)

CRF - CENTRO RETAIL AUSTRALIA - in trading halt, last traded at $1.8475

Centro Retail Australia has gone into a trading halt pending an announcement on settlement discussions over its $200 million class action.

ILU - ILUKA RESOURCES LTD - down $1.94, or 12.16 per cent, at $14.01

Mineral sands miner Iluka says it will cut its annual production of zircon in 2012 because the global economic outlook remains unclear.

LEI - LEIGHTON HOLDINGS LTD - down 23 cents at $19.02

Leighton Holdings insists that its portfolio of projects is performing well despite its two big ticket developments costing the construction giant $254 million in pre-tax earnings.

OSH - OIL SEARCH LTD - up two cents at $7.14

Oil Search says 2012 will be a potentially transformational year for the company, presenting an unprecedented opportunity to grow the value of its assets.

OST - ONESTEEL LTD - down 4.5 cents at $1.18

OneSteel shareholders have voted in favour of changing the company's name to Arrium.

TLS - TELSTRA CORPORATION - up six cents at $3.62

Telstra has committed to buying at least $US5.1 ($A5.02) million of satellite equipment and product bundles over the next 12 months from World Reach Ltd subsidiary Beam Communications Pty Ltd.