At noon, the S&P/ASX 200 is 1.23 per cent lower at 7,938.90, due to losses in the banking, mining, and technology sectors.
On Wall Street, both the Dow and Nasdaq experienced declines, while Netflix's shares remained stable after reporting a 44% profit increase and over 8 million new subscribers.
Commodity prices for iron ore, gold, and copper fell overnight, impacting the local market, with notable declines in Newmont and Evolution Mining. ANZ Bank attributed the market's woes to weaker Chinese economic data, including slower GDP growth and reduced property investment.
The SPI futures are pointing to a fall of 99 points.
Best and worst performers
All sectors are in the red. The sector with the fewest losses is Telecommunication Services, down 0.04 per cent. The worst-performing sector is Materials, down 2.14 per cent.
The best-performing large cap is Mercury NZ (ASX:MCY), trading 3.44 per cent higher at $6.32. It is followed by shares in TechnologyOne (ASX:TNE) and Medibank Private (ASX:MPL).
The worst-performing large cap is Evolution Mining (ASX:EVN), trading 4.28 per cent lower at $3.92. It is followed by shares in Lynas Rare Earths (ASX:LYC) and Cochlear (ASX:COH).
Commodities and the dollar
Gold is trading at US$2,428.30 an ounce.
Iron ore is 0.3 per cent higher at US$105.30 a tonne.
Iron ore futures are pointing to a 1.2 per cent fall.
One Australian dollar is buying 67.00 US cents.
