The Australian sharemarket is trading lower as the US political deadlock over the debt ceiling nears the deadline for resolution.
At 9.35am, the benchmark S&P/ASX200 index was 34.8 points, or 0.7 per cent, lower at 5196.1 points while the broader All Ordinaries index had lost 33.2 points, or 0.6 per cent, at 5195.6 points.
US politicians have until Friday (Australian time) to reach a deal to prevent a massive default on the country's debt obligations.
Lonsec senior client adviser Michael Heffernan said that until some definitive agreement was forthcoming from the parties in the US, trading on the Australian share market was likely to be fractious.
"It's going to be to-ing and fro-ing," he said.
"It might go up if there is some flicker of positiveness coming up (from the US)."
On the local bourse at 1204 AEDT, in the resources sector, global miner BHP Billiton was 11 cents lower at $35.02, and Rio Tinto eased 13 cents to $61.45.
Oz Minerals slumped 29 cents, or 6.59 per cent, to $4.11 after the company failed to achieve expected production levels in gold and copper at its Malu open pit in South Australia.
Among the major banks, the ANZ lost 29 cents at $31.00, Commonwealth Bank dumped 26 cents at $72.06, National Australia Bank reversed 27 cents to $34.60, and Westpac fell 18 cents to $32.81.Elsewhere, insurance comparison business iSelect was four cents higher at $1.30 after its chief executive resigned, less than four months after taking the company public.