Aust shares slip amid global worries

ASX boards in Sydney.
The bulk of Australia's market losses were concentrated in the mining, tech and utilities stocks. -AAP Image

Australian shares were down more than one per cent at midday as investors took cues from losses on Wall Street overnight amid ongoing worries about a global recession.

By 1200 AEST, the benchmark S&P/ASX200 index was down 89 points, or 1.32 per cent, to 6,674.6, while the broader All Ordinaries was down 99.2 points, or 1.43 per cent, at 6,854.2.

The main indices started the session on the wrong foot following heavy losses for US stocks overnight after data showed American consumer confidence fell sharply in June as worries about high inflation left consumers anticipating significantly weaker economic growth.

Investors have continued to be concerned over the last few weeks that aggressive rate hikes by central banks around the world to tame surging inflation will drag the global economy into a recession.

In the local market, every sectoral index was under the water but the bulk of the losses were concentrated in the mining, tech and utilities stocks.

The top iron ore miners were in negative territory on fears of a demand slowdown, with BHP, Rio Tinto and Fortescue Metals each down around 0.7 per cent.

Gold stocks took a further hit as bullion prices eased. Newcrest, Northern Star and Evolution Mining were all down between three and six per cent.

Energy stocks were mixed despite oil prices settling higher on the prospect of tight supplies. Woodside and Santos were down around 0.5 per cent each, but Beach Energy shares rose two per cent.

Financial stocks were also mixed with three of the Big Four banks trading slightly higher, while Commonwealth Bank was down one per cent to $92.62.

Technology stocks mirrored the hefty losses among Wall Street peers. ASX-listed shares of Block dropped nearly seven per cent, accounting software producer Xero erased five per cent, while Wisetech was down three per cent.

Tech firm Tyro Payments dropped 15 per cent after its CEO Robert Cooke stepped down. He has been appointed as chief executive of Star Entertainment Group, the casino operator said in a separate statement.

Lithium miner Liontown Resources was up four per cent after signing a supply deal with Ford.

Meanwhile, the Australian dollar was weaker, buying 69.14 US cents at 1200 AEST, down from 69.55 US cents at Tuesday's close.