The Aussie market is slightly underwater so far today with the XJO currently 10 points (-0.3%) weaker, at 4225.

There hasn't been a great deal of action this morning, due in large part to the lacklustre leads from Friday night's international action and the fact that many Asian markets are closed for the Chinese New Year celebrations.

Most sectors are weaker although industrials and telecoms are holding firm. The healthcare and IT sectors are the weakest performers.

In economic news, producer prices rose at a slower pace than forecast last quarter, with lower agriculture costs partly offsetting more expensive industrial machinery.

The PPI advanced 0.3% in the October to December period from the prior quarter, slightly lower than the 0.4% economists expected.

The only other major market which is open in the region is the Nikkei, which is currently up 0.1%.

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Midday Market Analysis: Testing Support is a post from: Australian Stock Report Market Pulse Blog