People feel that the market at 16,000 is a bit too high so there's not much strong buying interest.

China Telecom is suffering selling pressure this morning, but otherwise selling is not too strong.

China Telecom is weaker because attention is on Unicom. Overall the market is still consolidating because there is still no clear direction.

Investors are trying not to build up big positions this week.

There's still profit taking pressure but I expect the index to trade around the 17,500 level today.

Europe now finds itself in that terribly uncomfortable position that no matter what the monetary authorities do regarding interest rates, it shall be detrimental to the currency.