The Aussie market is suffering badly so far today, despite the flat leads provided by international markets last night. The XJO is presently down 46 points (-1%) at 4400.

Every sector is weaker, with financials, energy and industrials the poorest performers. In company news, IPL has jumped over 4% after releasing its FY12 results which beat market estimates.

Elsewhere, QBE has been down as much as 6%, following a raft of broker downgrades after the insurance group downgraded its earnings yesterday.

Around the region, Asian markets are all weaker; the Hang Seng (-0.7%) and Nikkei (-0.2%) are amongst the worst performers.

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