TCL Transurban Group

0013 GMT [Dow Jones] Australia's S&P/ASX 200 falls 0.6% to 4926 as disappointing U.S. private sector jobs data and commodity price falls jolt cyclicals, with BHP (BHP.AU), Rio Tinto (RIO.AU) Origin Energy (ORG.AU), and Newcrest (NCM.AU) down 0.9%-3.3%. Banks are mostly weak, with NAB (NAB.AU) off 0.5%. "There's no hurry to buy," says CMC Markets chief strategist Michael McCarthy. "If we hold above 4928, there would be some reason for expecting a bit of a bounce, but a close below that level could trigger a slide to 4700 in the short term." While the focus has shifted from the Cypriot bank crisis to disappointing U.S. economic data, McCarthy says equity markets are simply overextended. "There's been a lack of fresh buying, so a pullback is inevitable," he says. "Markets ran ahead of the U.S. economic recovery, which is likely to remain slow and patchy." While April is normally a strong month, McCarthy feels equities have seen an early "seasonal peak". Domestic retail sales and building approvals data are due at 0030 and the outcome of the BOJ's board meeting is due before the ECB meeting later Thursday. Gains are mostly limited to defensives, with Woolworths (WOW.AU), Westfield (WDC.AU), Amcor (AMC.AU) and Transurban (TCL.AU) up 0.2%-1.1%. (david.rogers1@wsj.com)

 
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