Investors took their cue from weak offshore leads posted overnight. Concerns about Europe's debt problems remained even as Ireland formally requests a multi billion dollar bailout from the International Monetary Fund and the European Union. Analysts say investors are looking for the next potential problem country in the Euro zone. Fears of weaker demand in China for commodity exports also unnerved investors. The All Ordinaries Index lost 55 points or 1.16 per cent to 4,677. The ASX 200 index slipped by 54 points to 4,589, taking it to its lowest level in seven weeks. The major miners gave up ground. Rio Tinto has shed 1.4 per cent to $83.53. BHP Billiton gave up 1.69 per cent to $43.58. The big four banks all dipped by over one per cent. Westpac lost the most. It gave up 1.89 per cent to $21.31. Telstra's enjoyed better fortunes, rising 3.4 per cent to $2.74. A day after its debut, QR National rose by one cent to $2.66. In corporate news, Fairfax is overhauling its organisational structure to help it adapt to a changing media landscape and combat declining newspaper revenues. Its shares lost 2.17 per cent to close at $1.36 Qantas has announced plans to resume initial Airbus A380 operations from this Saturday. The airline says the decision to restore the services follows an intensive engine inspection program carried out in close consultation with Rolls Royce and Airbus. Shares in Qantas closed up by one cent to $2.64. Ten Network shares finished five cents lower to $1.60. Late yesterday, West Australian billionaire Gina Rinehart took a 10 per cent stake in the media company. Currencies and commodities The Australian dollar has slipped. At 4:30pm (AEDT) it was buying around 0.986 US cents. West Texas Crude Oil is trading at $US81.24 a barrel. Tapis crude is at $US91.74

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