The ASX declined for a third straight day as recession woes make their mark on Wall Street.
The benchmark ASX 200 was down 0.6% just before noon to 7,186 points, while the All Ords dropped 0.6% to 7,376 points.
Overnight, New York markets were subdued as investors weigh up an interest rate pivot.
While the major indices tried to break free of the red wave, only the Dow clinched a grey finish.
On commodities now, crude oil continues its downward spiral, hitting a fresh low thanks to a fourth consecutive day of declines.
WTI shed 2.7% of its value, while Brent has slid to its lowest level since January.
Gold, on the other hand, continues to gain amid the volatility. The precious metal jumped 1.1% to fetch more than US$1,800 an ounce.
And the Aussie dollar strengthened overnight to buy 67 US cents and 55 British pence.
Checking in with today’s top stories, Downer EDI has fallen 28% — it's alerted investors to some accounting red flags and curbed its profit guidance for FY23.
The engineering company has launched an investigation, and CEO Grant Fenn is yet to rule out our fraud.
But in more positive reporting news, NZ dairy co-operative Fonterra has upped its profit guidance thanks to strong milk prices.
On the small-cap front, Ioneer is out to secure a lifetime supply of sulphur for its Rhyolite Ridge Project thanks to an MoU with Shell Canada Energy.
And Latin Resources has unveiled its maiden lithium resource this morning. It’s estimated 13.3 million tonnes at 1.2% lithium oxide for its Colina deposit in Brazil.