Local stocks have fallen into the red at lunchtime in the East, following disappointing economic growth numbers. The Australian economy grew at a pace of 0.2pct in the three months to September, below expectations. The release of the GDP numbers have also caused the Australian dollar to lose ground.

Financial stocks are all trading lower, with the National Australia Bank (NAB) worst out of the big four, down 1.5pct to $23.10. Macquarie Group (MQG) has slipped by 1.8pct to $34.83.

Mining stocks however remain well supported, thanks to firmer metals trade in London overnight. Shares in BHP Billiton (BHP) have gained 0.5pct to $42.94, while Rio Tinto (RIO) is up 0.4pct to $82.56.

Energy players have eased in line with a weaker oil price. Shares in Woodside Petroleum (APL) are trading down 2pct at lunchtime to $41.13.

Telstra (TLS) is steady at $2.81.

A raft of broker notes on agrichemical company Nufarm (NUF) is supporting its share price. NUF is up 3.5pct at lunchtime to $4.71.

The Australian dollar has slipped to US95.59c, but remains firm against the Euro at €73.63c. It is also buying £0.6143.