The Aussie market is firmly underwater heading into the afternoon session, with the XJO currently down 65 points (-1.6%), at 4068.

Every sector is in negative territory, with financials and materials the hardest hit.

Big losers on day include IOOF Holdings (-10%) and OneSteel (-8%), whilst NRW Holdings (+12%) and Centro (+8%) are the best performers in the top 200.

In economic news, the ABS today reported the biggest rise in construction figures in the last 25 years, with total construction work rising 12.5% in the September quarter.

It was the biggest rise going back to the 1986 September quarter, easily beating the market forecast of 2%.

Around the region, Asian markets are all weaker; the Hang Seng is down 2% whilst the Nikkei is off 0.4%.

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Midday Market Analysis: Sinking Aussie is a post from: Australian Stock Report Market Pulse Blog