"Our market is probably a little bit ahead of itself. There are still unresolved issues in Europe. There is a lot of talk in Europe but very little action," said Winston Sammut, investment director, Maxim Asset Management. "There's a lot of volatility and it's probably wise to stay out of the market in the short term," Sammut said. The benchmark S&P/ASX 200 index was down 39.9 points at 4,187.7 by 0020 GMT. It rose 0.6 percent to a five-week high on Tuesday, its fifth straight day of gains. "We're probably toward the top end of the range at the moment," said Sammut. New Zealand's benchmark NZX 50 index fell 1.8 percent to 3,333.6. STOCKS ON THE MOVE: New Zealand's largest listed company, Fletcher Building Ltd , fell 11 percent to NZ$7.04, a 26-month low, after it said first-half 2012 underlying earnings would be around 10 percent lower than the prior year. See . The Australian-listed shares also fell 11 percent . JBH Hi-Fi fell 1.5 percent to A$13.57 after it said same-store sales fell 3.5 percent in the three months to September. Underlying trading would remain subdued, the company said. Wagering and gaming firm Tabcorp Holdings rose 1.2 percent to A$2.63 after it said first quarter revenue rose by 2.7 percent. BHP Billiton dropped 1.8 percent and Rio Tinto 2.2 percent after the price of copper slid nearly 3 percent. Offshore, Alcoa Inc , the largest US aluminum producer, said third-quarter profit and revenue slipped from the second quarter as economic growth slowed from the first half of this year. Alcoa shares fell 5 percent in after-hours trading. See . Also weighing on miners was the passing of 18 bills to set up Australia's plan for a sweeping national carbon price. The reform will impose a carbon tax on around 500 of the country's biggest polluters from July 2012. Uranium miner Energy Resources of Australia plans to raise A$500 million to improve water waste disposal operations and pay for exploration work to expand mining. ERA, a 68 percent-owned subsidiary of Rio Tinto , said it would raise the funds via a 12-for-7 underwritten accelerated renounceable entitlement offer priced at A$1.53 per share. The stock, which is on a trading halt, last traded at A$3.29 before a trading halt.