The Australian market lost ground today, after a weak night in Europe that was fuelled by ongoing debt concerns.

At home the big four weighed on the market; ANZ dropped 1.4% whilst WBC declined 0.6%.

The major miners underperformed the general market; BHP descended 1.4% while rival Rio Tinto depreciated 1.8%.

However OneSteel soared 10.3% after announcing its intention to sell its Piping System business for $67 million to US-based McJunkin Red Man.

Kathmandu was one of the biggest losers on the market, crashing 25.4% after it announced it expects EBITDA for the six months to January 31 to be lower than expected.

Other retails were tarred with the same brush; Myer slumped 6.2% and David Jones fell 3.5%.

The ASX 200 let go of 49 points (-1.2%), settling at 4091.

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Evening Market Analysis: Another Tough Session is a post from: Australian Stock Report Market Pulse Blog