The ASX opened down after the Reserve Bank’s cash rate increase and an underwhelming session on Wall Street.
The benchmark ASX 200 was down 0.7% before noon, while the All Ords shed 0.8% of its value.
Overnight, New York markets fell back for a second straight day as recession fears play on investor sentiment.
The Nasdaq dropped 2%, followed by a 1.5% slide on the Russell 2000.
On the commodities front, oil prices have officially dropped to their lowest level since December.
It’s a different story for bullion, however — gold is holding its own just below US$1,800 an ounce.
And the Aussie dollar is buying 67 US cents and 55 British Pence.
Checking in with today’s top stories, Strike Energy is set to become Warrego Energy’s largest shareholder as a three-way takeover race heats up.
Meanwhile, Woodside Energy has announced it will use its gas to fuel chemical company Quenos’ plastics production.
And Tietto Minerals has uncovered a 184 g/t gold hit during extensional drilling at the Abujar Gold Project.
Among the small caps, Golden Rim Resources is on the hunt for a new chair to spearhead mining and exploration across West Africa and Guinea.
And Sovereign Metals is demerging its graphite interests so it can focus on its Kasiya Rutile project in Malawi.