BHP Billiton ( BHP ) released a lower than expected profit result yesterday of US$9.9 billion for the 1H12 (July to December 2012). Prior to market open this morning, Telstra, Australia´s largest telecommunications business and the local market´s sixth biggest company posted a slightly lower than expected profit of $1.47 billion. The Australian sharemarket pulled back initially following the release because higher inflation increases the chances that Chinese authorities will try and slow down their economy.