Mixed overnight leads and yesterday’s pre-emptive selling have the Australian share market perched on an inflection point. Ahead of important China data tomorrow and Australian employment numbers on Thursday futures traders are having a hard time deciding how the day will play out. After spending most of the night in negative territory, the most recent indication is a gain of just three points.

Strong earnings reports from Bank of America and Hasbro weren’t enough to enthuse North American markets in the light of falling European shares, with a red result for all three major US indices. Although copper and oil fell modestly, iron ore prices are higher. Adding to this mix the falls in Australian shares yesterday and there is a possibility of a flat day today.

Outlook statements at AGMs may swing the balance. Cochlear, Aurizon and Fletcher Building, among others, will address shareholders today. Traders are likely to focus on Cochlear. A price to earnings ratio in the mid-thirties and a share within a few percent of all-time highs make it vulnerable to any negative outlook statements.