Stocks on the Australian market have slipped by more than 0.9 per cent in early trade after mixed results in the US overnight.
The S&P/ASX200 benchmark index was lower by 49.7 points, or 0.91 per cent, to 5411.5 points after the first 30 minutes of trade on Tuesday.
The All Ordinaries index was 50.6 points lower, or 0.91 per cent, at 5508.5.
Property and materials suffered the most, with the sectors down 2.24 and 1.82 per cent respectively.
In mining, South32 fell 7.0 cents, or 3.64 per cent, to $1.85.
Its bigger peers did not fare much better. BHP lost 75 cents, or 2.38 per cent, to $30.80; Rio fell $1.69, or 2.01 per cent, to $82.30; and Fortescue was down 34 cents, or 2.81 per cent, to $11.77.
Building materials supplier CSR saw a 10 per cent jump in its share price after reporting full-year profit was up 61 per cent to $125.3 million.
The profit surge was a result of its aluminium operations benefiting from a lower Aussie dollar.
CSR shares were trading at $3.73.
Premier Investments, which owns the Smiggle, Just Jeans and Peter Alexander shops, received a boost after saying it would reopen its stores.
Its share price gained 39 cents, or 2.53 per cent, to $15.81.
The big four banks were trading lower. NAB was doing the worst, down 1.25 per cent to $15.78.
The big goldminers felt the downcast sentiment. Northern Star was struggling the most with a 1.74 per cent loss to $12.97.
Consumer staples and healthcare were the only sectors in positive territory, up 0.43 and 0.64 per cent respectively.
CSL was higher by 1.09 per cent to $305.43.
Investors will turn their attention to Treasurer Josh Frydenberg’s address on the economy later on Tuesday.
This will include an estimate of the federal budget balance, which will be greatly revised due to the economic impact of the coronavirus pandemic.
Wall Street was split as continued gains for technology and healthcare stocks helped cover more prevalent losses elsewhere.
Almost 70 per cent of stocks fell on the S&P 500.
The index ended the day at a virtual standstill, up just 0.39 points at 2,930.19.
A stronger US dollar weighed on its Australian counterpart overnight.
One Australian dollar bought 64.41 US cents at 1030 AEST, down from 65.40 at the close of trade on Monday.
Gold is trading at $US1692.1 an ounce.