MIDDAY REPORT
(11.45am AEST)

The local share market is slightly weaker at lunchtime in the East, as the stalemate over the US debt crisis continues. A vote on the Republican plan to raise the US debt ceiling in the House of Representatives has been delayed. The All Ordinaries Index (XAO) is down 7.6pts or 0.2pct to 4531.6.

Financial stocks are mixed, with the big four higher but Macquarie Group (MQG) still lagging, down 1.9pct to $27.45. Shares in the ANZ Bank (ANZ) are up 0.7pct to $21.14.

Mining stocks have come under pressure, with shares in Rio Tinto (RIO) off 1pct to $80.43 while Newcrest Mining (NCM) is down 1.3pct to $39.66.

Regional Pay TV operator Austar (AUN) has reported a four-fold increase in 1H profit to $88.66 million and expressed confidence a proposed merger with Foxtel would proceed. AUN shares are steady at $1.06 in early trade.

The world's biggest shopping centre owner Westfield (WDC) has agreed to form a joint venture with the Port Authority of New York and New Jersey to develop the retail precinct of the new World Trade Centre. Westfield will manage and lease out the retail precinct, investing US$612.5 million or $558 million for a 50pct stake in the venture. WDC shares are down 0.6pct to $8.

The Australian dollar is buying US109.82c, £0.6719 and €76.82c. (From Juliette Saly, Market Analyst, CommSec)

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