Tuning out the uncertainty cast by the Greek debt default and further quantitative easing in the U.S. will be difficult for the local Aussie markets to overcome on Thursday as profit-taking dominates in the early hours of trade and signalling a sluggish start.

Analysts from Morrison Securities and IG Markets took note of the uncertainty cast by the U.S. QE3 that will put more downward pressure on commodities and risk currencies that have already exuded broad-based losses in the past days.

"The lower commodity prices are likely to see cyclical and risk sectors under pressure, a view supported by BHP's ADR which is suggesting the local stock will open 55 cents or 1.5% weaker at $35.55," adds IG Markets analyst Cameron Peacock.

Mr Peacock is a bit optimistic of the positive half-year reports from listed companies Alumina, Brambles, QR National, and Wesfarmers will somehow provide the markets its much needed boost by mid-day.

Brambles said in an issued statement that it saw a 30% increase in sales revenues in the first half.

Westpac's quarterly trading update will keep the focus on the local banking sector, which continues to battle negative public perception of greed amidst record levels of profitability.

The release of Australian labour force data for January is a make or break for the forthcoming rate setting by the central bank. Economists and analysts expect an increase in the unemployment rate to 5.3%, with the number of employed expected to increase by no less than 10k.