Local stocks are tracking sideways in early trade following a flat offshore lead. Chinese trade data due later this afternoon will be the key test for markets in the Asian region and particularly our mining stocks.

Shares in financial stocks are all trading higher, with Westpac (WBC) continuing its solid run following a 2.5pct gain during yesterday’s trade. WBC shares are up 0.8pct to $22.46 while the NAB (NAB) is firmer by 0.6pct to $24.16.

In the energy space, AGL Energy (AGK) and Origin (ORG) have been given the green light by the competition watchdog to buy electricity assets in New South Wales under the privatisation scheme. AGK can’t bid for Energy Australia and can only buy either Country Energy or Integral Energy. Origin can buy any of the three, or both Country Energy and Integral Energy.AGK shares are down 0.3pct to $16.03 while ORG Is up 1.5pct to $16.66.

Mining stocks are lower in response to weaker metals trade in London with BHP Billiton (BHP) trading lower by 0.7pct to $45.13 and Rio Tinto (RIO) off 0.8pct to $87.20.

The Australian dollar is buying US98.39c, £0.6243 and €74.35c.