Local stocks are trading flat at lunchtime in the East, following six days of gains. US markets edged higher overnight ahead of the expiry of the December options and futures contracts, while commodity prices were generally lower.

Financial stocks are mixed. The ANZ (ANZ) is today holding its AGM, with Chairman John Morschel warning shareholders that Australia’s economic recovery will be volatile as Europe and the US work through public debt issues. ANZ shares are down 0.2pct at lunchtime to $23.71 while Westpac (WBC) is up 0.3pct to $23.22.

Falls on the London Metal Exchange have resulted in weakness from the big miners. BHP Billiton (BHP) shares are down 0.4pct to $45.19 while Rio Tinto (RIO) has shed 0.8pct to $86.35.

Lend Lease (LLC) has confirmed it’s in talks to buy construction unit Valemus but says no deal has been reached so far. Shares in LLC are up 2.5pct to $8.60.

And James Hardie (JHX) has lost its bid against the corporate regulator ASIC for telling the market it had sufficient funds to cover asbestos claims. However, the NSW Supreme Court has found in favour of seven of the building materials maker´s non-executive directors. JHX shares are up 0.4pct to $6.80.

The Australian dollar is buying US99.1c, £0.634 and €74.75c.

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