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The Australian stock market lost more than 1 percent of its value in early trade and Rio Tinto announced a weaker economic outlook from Russia’s invasion of Ukraine and China’s COVID-19 lockdown. Key points: The Dow Jones index fell 0.5% to 30,630, the S&P500 fell 0.3% to 3,791, while the Nasdaq Composite index was steady at 11,251. The FTSE 100 index fell 1.6 percent to 7,040, Germany’s DAX fell 1.9 percent to 12,520 and Paris’ CAC 40 fell 1.4 percent to 5,915. Australian stock market is down more than 1 percent in early trading, pulled in by big miners In the first half hour of trading, the All Ordinaries index was down 1.2 percent, or 89 points, to 6,764, and the ASX 200 index was down 1.3 percent, to 6,565. Sectors of interest to the market include miners, energy companies, banks and real estate. Big miners fell as iron ore prices plunged 4.8 percent to 104.96 dollars a tonne on recession fears. The Australian dollar fell to 67.42 US cents after surging ...

The energy sector fell 5.8 percent and materials stocks 5 percent. Beach Energy fell 8 percent to $1.61 and Woodside Energy 6.9 percent to $30.20. It was the sector’s worst one-day loss since May 2020. However, the big four banks rallied on the prospect of improving lending profits as they passed the Reserve Bank of Australia’s half a percentage point hike to the official interest rate. Selling stretched across Asian equity markets with Japan’s Nikkei 225 on track for a 1.1 percent loss, Hong Kong’s Hang Seng Index 2.3 percent and China’s CSI 300 Index 2 percent. Sentiment was shaken by news that Shanghai had launched mass COVID-19 testing in nine districts after detecting cases over the past two days, reigniting concerns about a return to lockdown in China’s financial hub. Citi warned a recession could lead to crude oil surging to $65 per barrel by year-end and falling further to $45 by the end of 2023, in the absence of intervention by OPEC+, and ...