The Aussie market is underwater heading into lunchtime, with the XJO currently 30 points (-0.7%) weaker, at 4130.

The market has bounced considerably from the lows however, with the bulls stepping in at 4195 to drive the higher.

In the context of the rout we saw last night, the local market is actually holding up quite well so far.

The losses are widespread, with nearly every sector in the red; materials, energy and industrials are the hardest hit.

There is no major company news but there are some big movers on the day, OneSteel (OST) is down more than 8% following the BlueScope (BSL) capital raising, whilst Platinum Australia (PLA) is also down 8%.

Around the region, Asian markets are all trading lower but holding up reasonably well in light of last night's weakness.

The Hang Seng and Shanghai Composite are 0.6% weaker, whilst the Nikkei is off just 0.1%.

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Midday Market Analysis: Not Bad, Relatively Speaking is a post from: Australian Stock Report Market Pulse Blog