The Australian sharemarket was weaker mid-session as investors sold off defensive stocks and moved into the resources sector.
At 10.50am, the benchmark S&P/ASX200 index was down 13 points, or 0.3 per cent, at 4963.8 points while the broader All Ordinaries index was down 10.7 points, or 0.2 per cent, at 4969.5.
Improved commodity prices, which benefited from better-than-expected inflation data out of China and moves by Japan to stimulate its economy, were attracting investors to resource stocks.
BHP Billiton and Rio Tinto performed particularly well in London overnight.
Locally, BHP Billiton was 72 cents higher at $33.83, and Rio Tinto surged $1.44 to $53.17.
IG Markets market strategist Evan Lucas said despite the gains by resources stocks, profit takers had moved into the market and dragged it lower after a strong session yesterday.
Stocks such as Woolworths and Wesfarmers and some big banks were looking expensive, he said.
Wesfarmers was 58 cents lower at $39.93 while Woolworths was 52 cents lower at $33.73.
Among the major banks, Westpac dipped 34 cents to $30.96, ANZ fell nine cents to $28.39, Commonwealth Bank retreated 54 cents to $67.42, and National Australia Bank sagged 26 cents to $31.15.
On Wall Street overnight, the Dow Jones Industrial Average shook off early weakness and pressed through to another record close, led by strong gains in tech shares Microsoft and Intel.