Australian shares went into retreat late in trade, weighed down by resource and energy stocks as concern over Europe and the United States revived investor caution.
The All Ordinaries gave up 0.4 per cent to 4,391 and the ASX 200 lost 16 points to 4,370.
There was a mixed performances across the board with no clear theme or direction among investors.
Most of the defensive sectors were in the black, apart from the healthcare sector, which dropped significantly on the back of a sharp fall in CSL Limited, which was down 2.5 per cent on the back of a broker downgrade.
Telstra continued its rise up another 0.25 per cent to $4.19, sitting around a four-year high.
Financial names were higher throughout trade with the big banks enjoying mild gains, but a quick sell off at the end saw the big four end in the red.
Losses were mild, though; the worst was Westpac down a third of a per cent.
Retail stocks were mostly sold down today; David Jones shares plunged more than 6 per cent after its first quarter sales report missed estimates despite the company returning to positive sales growth for the first time since 2010.
The AGM season rolled on.
The most significant was coal haulage company QR National, which, thanks to shareholder approval, will be renamed Aurizon from December.
Company executives say the new name represents the new future of the company.
Today it bought back $1 billion worth of shares from the Queensland Government.
The company would not give a profit guidance, just saying conditions were variable and haulage volume was likely to be at the bottom of estimates.
The Australian dollar dipped midway through trade and just after 5:30pm AEDT was buying 103.5 US cents, down 0.5 cents on the same time a day earlier.
On the cross rates it was at 81 euro cents, 65.1 British pence and 84.8 Japanese yen.
West Texas crudes gave up yesterday's gain and was back to $US86, while Tapis was down to $US114 and spot gold dropped to $US1,722 an ounce.