The share market has closed with a whimper after official figures showed factory output in China grew more slowly than expected.
Earlier in the day, the market extended opening gains after figures showed job creation in Australia was better than expected in July.
Figures showing inflation in china was at a 30-month low also boosted trade, as expectations of more economic stimulus measures were preserved.
However, the market dropped just before the close after industrial output growth in China slowed to 9.2 per cent for the year to July, which was a three-year low and below expectations.
The All Ordinaries closed down 3 points at 4,330, and the ASX 200 gave up 4 points to 4,308.
The mining heavyweights maintained their early gains.
BHP Billiton rose 1.6 per cent to $32.80 and Rio Tinto jumped 3.6 per cent to $56.86 as Australian investors had their first chance to react to its first-half results.
Company reporting season continued with Telstra announcing a net profit of $3.4 billion for 2012, up more than 5 per cent from last year but slightly lower than analysts expected.
Telstra shares closed 2.3 per cent lower at $3.88.
News Corporation says it made a loss of $1.5 billion in the fourth quarter after writing down its publishing businesses including in Australia.
News Corp's Australian securities closed 3.2 per cent lower at $21.88.
Shares in Tabcorp also fell around 3 per cent to $3.20, despite posting a 12.7 per cent rise in full-year net profit, in line with expectations.
The big four banks all fell back at least a half a per cent with the exception of ANZ, which gained 0.3 per cent to $23.82.
Currencies and commodities The Australian dollar has jumped to a new four-and-a-half-month high of 106.14 US cents since the jobs figures were released.
By 5:33pm (AEST) it was buying 105.9 US cents and 85.65 euro cents.
It was also buying 83.15 Japanese yen and 67.6 British pence.
West Texas crude oil was relatively steady at $US93.40 a barrel.
Tapis crude was higher at $US115.60 a barrel.
Spot gold had jumped to $US1,616 an ounce.