The Australian share market is currently off by 0.4pct or 20.4pts to 4521.7 with almost all sectors currently in the red at lunch.

The mining sector is the only major sector managing to hold on to the slightest of gains with the world's largest miner, BHP Billiton (BHP) up 0.32pct or 13pts to $40.33 and its competitor RIO Tinto (RIO) up by 0.07pct or 5cents to $71.09. Base metal prices were mixed but mostly stronger overnight.

The price of oil was off by around 0.75pct in global trade overnight partly off the back of worse than expected economic data out of the US. Oil and gas producers have struggled in the first half of domestic trade with Santos (STO) down 1.74pct or 24cents to $13.57 whilst the larger Woodside Petroleum (WPL) is off by 0.93pct or 39cents to $41.77.

Financial stocks in addition to the energy sector are two of the worst performers with the S&P/ASX 200 Financials index off by 0.79pct and the S&P/ASX 200 Energy sector off by 0.93pct. The major banks are weaker by between 0.3pct and 1pct with both Westpac (WBC) and ANZ Banking Group (ANZ) the two biggest losers.

The retailers are mostly stronger however with department store owner David Jones (DJS) up 0.63pct or 3cents to $4.76 and Myer (MYR) edging higher by 0.59pct or 2cents to $3.43. Australia's largest specialty retailer Harvey Norman (HVN) is up 0.84pct or 3cents to $3.60.

It has been a quiet day on the economic front so far with only data out on Australian property prices. Nationally, growth for house prices has slowed to 2.4pct over the last quarter. Data out on the number of new homes sold in June was meant to be released by the Housing Industry Association today however has now been delayed until Monday the 2nd August.

The Australian dollar (AUD) is continuing to trade lower and buys US89.3c after inflation figures came in lower than expected at 11.30am AEST yesterday which reduces the chances of a rate hike next week.