ASX sinks after early gains, down 0.8%

Summary

• The S&P/ASX 200 opened higher, but has been declining steadily since late morning. down 0.7 per cent to 6553 at 1pm
• Kathmandu CEO Xavier Simonet departs to head up AusTrade
• Futures point to falls of 0.4% on the Dow Jones and 0.3% on the S&P500 tonight, but small gains on the tech-heavy Nasdaq
• Spot gold declined 1.5% to $US1787.79 per ounce