Australian stocks have extended their losses on heavy drops in commodity prices and overnight falls on Wall Street.
Crude prices eased and iron ore fell to its lowest price since tracking began in 2008.
The market opened with only modest losses, but had fallen further by noon.
Commodities were looking very weak and the release of China’s latest monthly manufacturing data would be closely watched on Wednesday afternoon, Quay Equities managing director David Reynolds said.
“It will be interesting to see what happens on Tuesday (April 7), with the (RBA’s) interest rates decision,” he said.
Resources stocks – mining and energy – were leading the market down after a 2.6 per cent drop in the iron ore price to $US51.35 per tonne. while the price of WTI crude fell 2.2 per cent to $47.60 a barrel.
BHP had shed 67 cents, or 2.2 per cent, to $30.36, Rio Tinto was down 89 cents, or 1.6 per cent, at $56.34 and Fortescue Metals had lost 4.5 cents, or 2.3 per cent, to $1.915.
Woodside Petroleum was down 63 cents at $33.89 and Santos was 20 cents weaker at $6.94.
The big banks were all weaker. Commonwealth Bank lost 72 cents to $92.68, National Australia Bank was down 26 cents at $38.29, ANZ dumped 27.5 cents to $36.365 and Westpac was 22 cents weaker at $39.16.
Telstra was a rare winner, up three cents at $6.34.
KEY FACTS
* At 1215 AEDT on Wednesday, the benchmark S&P/ASX200 index was 34.1 points, or 0.58 per cent, weaker at 5,857.4.
* The broader All Ordinaries index was down 30.2 points, or 0.52 per cent, at 5,831.7.
* The June share price index futures contract was 30 points lower at 5,856, with 15,960 contracts traded.
* National turnover was 746 million securities worth $1.7 billion.