The Australian sharemarket was down at noon as cautious investors awaited Chinese data and a speech by the Reserve Bank of Australia chief.

At 1200 AEST on Tuesday, the benchmark S&P/ASX200 index was down 7.3 points, or 0.18 per cent, at 4,121.6, while the broader All Ordinaries index was down 8.2 points, or 0.2 per cent, at 4,151.

On the ASX 24, the September share price index futures contract was down eight points at 4,082, with 14,892 contracts traded.

Commsec market analyst Juliette Saly said wary investors awaited a speech to be given by Reserve Bank of Australia governor Glenn Stevens and the release of Chinese economic data.

“It’s going to be a wait and see game until what comes out of China shortly – that’s going to be the real litmus test for the market,” she said.

Ms Saly said the market was holding up better than expected considering overnight losses from Wall Street.

“We’re actually outperforming what everyone was expecting – even outperforming what the futures had indicated.”

Trading was mixed amongst the resource giants, with BHP Billiton gaining eight cents to $30.63, while Rio Tinto was 26 cents lower at $51.26.

Fortescue Metals Group continued its decline, shedding 15 cents to $3.70. Beleaguered miner Mirabela Nickel however, gained a cent to 25 cents after announcing it remains on track to deliver on its production forecast and posting 15 per cent rise in second quarter sales of nickel concentrate from the first quarter.

In retail, shares in troubled surfwear brand Billabong surged by more than 20 per cent to $1.32 after it received a second takeover offer from US private equity firm TPG, valuing the firm at $695 million.

Shares in garage doors, windows and building products maker Alesco were down two cents to $2.01 as it announced a $13.9 million loss for its 2012 financial year.

At 1220 AEST, national turnover was 796 million securities worth $1.2 billion, with 247 stocks up, 485 down and 306 unchanged.

AAP ry/