ASX opens lower on global growth concerns

Australian shares have opened lower, with energy and mining recording the steepest losses amid concerns about a slowdown in global growth.

The benchmark S&P/ASX200 index was down 11 points, or 0.18 per cent, to 6,210.8 points at 1030 AEST on Wednesday, while the broader All Ordinaries was down 10.9 points, or 0.17 per cent, to 6,304.6.

The International Monetary Fund cut its global economic growth forecasts for 2019 from 3.5 per cent to 3.3 per cent overnight.

Energy firms Santos, Woodside Petroleum, Oil Search, Origin Energy and Beach Energy were down between 0.65 per cent and 1.23 per cent after oil prices edged lower overnight.

The sector as a whole was down 0.70 per cent, while materials was 0.58 per cent lower.

Mining giant BHP was down 0.95 per cent to $39.65, Rio Tinto was up 0.16 per cent to $101.74, and Fortescue Metals was down 1.46 per cent to $8.08.

The heavyweight finance sector was down 0.13 per cent as the big four banks were mixed, with ANZ down 0.14 per cent to $25.615, Commonwealth up 0.13 per cent to $70.34, NAB down 0.37 per cent to $24.50, and Westpac down 0.41 per cent to $25.735.

Crown Resorts was down 8.83 per cent after Wynn Resorts said it had scrapped its takeover bid for the James Packer-controlled company.

The Aussie dollar is buying 71.30 US cents, from 71.44 US cents on Tuesday.

By AAP

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