A mixed performance of global stocks is seen to create a bearish mood in the Australian stock markets today.

The benchmark S&P/ASX200 index ended lower by 0.47 percent or 22.2 points at 4,687.8 points, while the broader All Ordinaries index skidded 19.1 points or 0.40 percent, at 4,761.5 points. The US equity markets moved slightly higher during mid-day trading as the American consumer confidence index moved unexpectedly up.

Economic observers will closely be watching the consumer price index for September to be released by authorities at 1130 AEDT.

The equities markets are, on the other hand, will be expecting financial reports, in particular, from the National Australia Bank, Macarthur Coal Ltd., Southern Cross Media Group Ltd, and the Insurance Australia Group Ltd.

The recent proposed merger of the world's top stock markets led by the Singapore Stock Exchange with Australia's ASX Ltd, has triggered nationalist sentiments across the country's political arena.

Nationalist sentiment

The $8-billion merger between the ASX Ltd. and the Singapore Exchange to best out rivals led by the Hong Kong Stock Exchange met intense disapprovals from Australia's lawmakers.

The leader of Australia's Greens Party Bob Brown said yesterday that he "will not be facilitating or supporting this takeover." Joe Hockey, the Opposition Party's treasury spokesman saw proposal "of great concern," while Bob Katter, an independent lawmaker perceived the plan "lunacy."

The burden of proof as to whether the deal will be of significance to Australia's financial and national affairs now lies in the Treasury Department led by Treasurer Wayne Swan.

Swan told parliament on Tuesday: "The proposal would be subject to "extensive regulatory considerations. We will continue to consider all transactions with the objective of carefully and methodically building Australia's reputation as a financial services hub and, as always, we will do this in the national interest."