S&P/ASX 200 (INDEXASX:XJO) fell 78 points or 1.3% to 6,083 around midday in stark contrast to the record closing highs overnight for the S&P 500 and NASDAQ on Wall Street.
The index is seeing broad-based declines with the financials falling the hardest.
Australia’s big four banks have declined by at least 2% each with the major banks falling in four of the past five sessions.
Miners are also laggards, with BHP Group Ltd (ASX:BHP) and Rio Tinto Limited (ASX:RIO) dropping 0.9% and 1.42% respectively.
ZipCo (ASX:Z1P) was an exception with the stock surging 20% and hitting a new all-time high this morning after the buy-now-pay-later provider announced a partnership with eBay Australia.
Moody's downgrades outlook
Global rating agency Moody's has downgraded its forecasts for the Australian economy from a contraction of 4.9% to 5.3%.
However, the larger contraction is expected to be offset by a jump in activity next year.
In June, Moody's predicted the Australian economy to grow by 3.7% in 2021 but it is now expecting a 4.3% lift.
COVID-19 update
Victoria recorded 149 new COVID-19 cases and 24 deaths in the past 24 hours, marking the second deadliest day for the state since the start of the pandemic.
Premier Daniel Andrews said: “These are many of the rules that we have had to become particularly familiar with, and they’re the sorts of rules that will be here, potentially, for a long time.
“Keeping your distance, washing your hands, staying in your own home if you’ve got this virus.”
South Korea reported 320 new cases on Wednesday, 307 of which were locally transmitted.
Once considered a model for other countries in fighting the pandemic through aggressive testing and contact tracing, South Korea is facing a resurgence in infection numbers.
Top gainers
Today’s top gainers on the ASX include Cape Lambert Resources Limited (ASX:CFE) (+33.33%), Argonaut Resources NL (ASX:ARE) (14.29%), Cirralto Ltd (ASX:CRO) (+8.00%), VRX Silica Ltd (ASX:VRX) (+9.09%) and Great Boulder Resources Ltd (ASX:GBR) (+8.51%).
Proactive news headlines:
Perseus Mining has “outstanding” FY20 with EBITDA up 67% and after-tax profit 12.5 times higher
Perseus Mining Limited (ASX:PRU) (TSE:PRU) (OTCMKTS:PMNXF) has a very strong footing to achieve its goal of 500,000 ounces of annual gold production after returning FY20 financial results described as "outstanding".
Euro Manganese closes second tranche of private placement as part of C$4.04 million capital raise
Euro Manganese Inc (ASX:EMN) has closed the second tranche of a private placement after receiving approval from shareholders at a general meeting on August 19.
Canyon Resources Minim Martap bauxite testing outcomes underpin product technical specifications
Canyon Resources Ltd (ASX:CAY) has completed a range of testing, underpinning the bauxite technical specification datasheet which is the basis for ongoing offtake and strategic partnership negotiations for its Minim Martap Project in Cameroon, Africa.
YPB Group smartphone readable product packaging allows consumers to digitally connect with brands
YPB Group Ltd (ASX:YPB) is perfectly placed to ride the wave of consumer and brand concern around counterfeit products and authenticity post COVID.
archTIS secures data access control Proof of Concept with Commonwealth Intelligence Agency
archTIS Ltd (ASX:AR9) has entered a contractual agreement with an Australian Commonwealth Intelligence Agency to run a Proof of Concept (POC) for dynamic, policy-based access control of big data.
Vango Mining has golden hopes for repeat finds at Marymia brownfields project
Vango Mining Ltd (ASX:VAN) is confident its Marymia Gold Project in Western Australia has solid potential to become a major production centre in the world-class Norseman-Wiluna belt.
Piedmont Lithium resumes drilling in North Carolina with aim to boost resources
Piedmont Lithium Ltd (ASX:PLL) (NASDAQ:PLL) has restarted drilling on its properties in the world-class Carolina Tin-Spodumene Belt in North Carolina, USA, with the aim to increase mineral resources.
Great Boulder Resources about to begin reverse circulation drilling at Side Well Gold Project in WA
Great Boulder Resources Ltd (ASX:GBR) is scheduled to begin reverse circulation (RC) drilling this week at the Side Well Gold Project near Meekatharra in Western Australia.