Aust stocks lower ahead of company results

Australian stocks were slightly lower at noon as investors sit on the sidelines ahead of the release of major company reports later this week.

At 1200 AEDT, the benchmark S&P/ASX200 index was down 14.9 points, or 0.35 per cent, at 4,270.2 points, while the broader All Ordinaries index had fallen 13.8 points, or 0.32 per cent, to 4345.6 points.

On the ASX 24, the March share price index futures contract was 11 points lower at 4,234 points, on volume of 11,829 contracts.

RBS Morgans private client adviser Craig Walker said the Australian market improved slightly in morning trade, but credit downgrades in Europe were not having a big effect.

"Our market's simply taking a breather from the rally which we experienced yesterday afternoon following the news out of Greece," he said.

Greece faces further hurdles and delays before it can receive a second, 130-billion-euro ($A161.3 billion) bailout in spite of its MPs voting through more austerity measures in the face of violent protests.

Meanwhile, Moody's cut debt ratings for Slovenia, Slovakia and Malta, and placed negative outlooks on France, the UK and Austria.

Mr Walker said the Australian market had already factored in the lead from the US and investors were sitting on their hands ahead of the release of local profit results later in the week.

The Commonwealth Bank, Fortescue Metals, ASX, AMP and Brambles are due to report later in the week.

Wall Street closed firmer - the Dow Jones Industrial Average climbed 0.57 per cent, the S&P500 rose 0.68 per cent and the NASDAQ closed up 0.95 per cent.

Making news on Tuesday, BHP Billiton and Rio Tinto said the pair would spend $US4 billion ($A3.75 billion) to increase production at the Escondida copper mine in Chile.

BHP was down 24 cents at $36.42, while Rio Tinto was 44 cents weaker at $69.99.

Metals and minerals companies were the worst-performing sector on the market.

Financial stocks were also lower, with Commonwealth Bank down 22 cents, or 0.44 per cent, at $50.07 while Westpac Banking Corporation fell 13 cents, or 0.16 per cent, to $21.02.

The National Australia Bank was 19 cents, or 0.82 per cent lower, at $23.07 while ANZ was five cents, or 0.23 per cent, lower at $21.72.

National turnover was 877 million securities worth $1.5 billion, with 357 stocks up, 442 down and 347 unchanged.

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