At the closing bell, the S&P/ASX 200 was 0.86 per cent lower at 7,277.
The main reason for this decline was renewed worries regarding the state of China's economy, which negatively impacted mining stocks.
Specifically, iron ore futures in Singapore fell by 2.4%, closing at US$100.30 per tonne.
This decline in iron ore prices led to a 2.1% loss for BHP (ASX:BHP) and a 2.3% decrease for Rio Tinto (ASX:RIO), two prominent mining companies.
Futures
The Dow Jones futures are pointing to a fall of 60 points.
The S&P 500 futures are pointing to a fall of 6.75 points.
The Nasdaq futures are pointing to a fall of 24.25 points.
The SPI futures are down 61 points.
Best and worst performers
The best-performing sector was Communication Services, up 0.81 per cent. The worst-performing sector was Materials, down 1.74 per cent.
The best-performing large cap was carsales.com (ASX:CAR), closing 6.99 per cent higher at $26.33. It was followed by shares in Mercury NZ (ASX:MCY) and Boral (ASX:BLD).
The worst-performing large cap was Pilbara Minerals (ASX:PLS), closing 6.03 per cent lower at $4.99. It was followed by shares in Allkem (ASX:AKE) and Aurizon Holdings (ASX:AZJ).
Asian markets
Japan's Nikkei has lost 1.14 per cent.
Hong Kong's Hang Seng has lost 2.13 per cent.
China's Shanghai Composite has lost 0.68 per cent.
Company news
Talon Energy (ASX:TPD) announced that they will be acquired by Strike Energy (ASX:STX) for A$0.212 per Talon share. Shares closed 12.9 per cent higher at 19.8 cents.
MetalsGrove Mining (ASX:MGA) has confirmed high-grade Rare Earth Element (REE) carbonatite mineralisation at their Bruce Prospect in NT. In response, MD, Sean Sivasamy said: “These results demonstrate the clear potential for Bruce to host a considerable carbonatite and REE system with the outcropping strike of now extending over 9km.” Shares closed 27.3 per cent higher at 14 cents.
Arizona Lithium (ASX:AZL) announced that their Prairie Project in Canada has been upgraded by 38%, representing the highest-grade Indicated Lithium Brine Resource in Canada. In response, MD Paul Lloyd, commented: “The combination of the Resource upgrade and the upcoming DLE pilot plant operation in November 2023, set the stage for a very exciting second half of the year for the Company.” Shares closed flat at 2 cents.
Commodities and the dollar
Gold is trading at US$1,943.80 an ounce.
Iron ore is 1.7 per cent higher at US$105.10 a tonne.
Iron ore futures are pointing to a 0.7 per cent fall.
Light crude is trading $1.02 lower at US$82.17 a barrel.
One Australian dollar is buying 64.75 US cents.
