At 11:30am, the S&P/ASX 200 is 0.79 per cent lower at 7,949.90.
Australia’s stock market experienced a decline due to concerns about a potential global economic downturn. Weak US job numbers raised fears that the Federal Reserve may not have taken sufficient measures to prevent a recession. This led to a decrease in major bank and energy stocks. Additionally, the worsening global economic outlook caused iron ore prices to fall. Meanwhile, several corporate announcements, including a CEO change at Westpac and a takeover bid for Hotel Property Investments, also impacted the market.
The SPI futures are pointing to a fall of 59 points.
Best and worst performers
The best-performing sector is Materials, down 0.06 per cent. The worst-performing sector is Financials, down 1.14 per cent.
The best-performing large cap is Yancoal Australia (ASX:YAL), trading 3.77 per cent higher at $5.50. It is followed by shares in GQG Partners (ASX:GQG) and Lynas Rare Earths (ASX:LYC).
The worst-performing large cap is Steadfast Group (ASX:SDF), trading 6.14 per cent lower at $5.96. It is followed by shares in Premier Investments (ASX:PMV) and Newmont Corporation (ASX:NEM).
Commodities and the dollar
Gold is trading at US$2526.20 an ounce.
Iron ore is 1.4 per cent higher at US$91.75 a tonne.
Iron ore futures are pointing to a 1 per cent fall.
One Australian dollar is buying 66.86 US cents.