Australian shares dropped 1 percent at midday due to broad sector losses, particularly in mining, amid concerns over China's economy. Crude oil prices have been falling since reaching a peak at the beginning of the month, driven by concerns about weak demand from China, the world's largest importer. Meanwhile, the Nasdaq plummeted 3.6 percent, its worst performance since 2022, driven by disappointing earnings and a general slowdown in the US economy.
The SPI futures are pointing to a fall of 72 points.
Best and worst performers
The best-performing sector is Energy, up 0.03 per cent. The worst-performing sector is Information Technology, down 2.55 per cent.
The best-performing large cap is Newmont Corporation (ASX:NEM), trading 1.76 per cent higher at $72.66. It is followed by shares in Aurizon Holdings (ASX:AZJ) and Telix Pharmaceuticals (ASX:TLX).
The worst-performing large cap is Macquarie Group (ASX:MQG), trading 3.47 per cent lower at $201.49. It is followed by shares in Fortescue (ASX:FMG) and GQG Partners (ASX:GQG).
Commodities and the dollar
Gold is trading at US$2441.00 an ounce.
Iron ore is 0.4 per cent higher at US$100.85 a tonne.
Iron ore futures are pointing to a 1.6 per cent fall.
One Australian dollar is buying 65.65 US cents.
