The Australian share market was lower ahead of the release of China’s GDP figures for the second quarter.
The benchmark S&P/ASX200 index was down 43.6 points, or 0.65 per cent, to 6,652.9 points at 1200 AEST on Monday, while the broader All Ordinaries was down 41.4 points, or 0.61 per cent, to 6,747.4.
The Australian dollar, meanwhile, spiked on the release of the Chinese economic data at 1200 AEST, which indicated the country’s growth had slowed to 6.2 per cent in the second quarter.
Telecommunications and tech shares were the hardest hit by midday, losing 1.86 per cent and 1.63 per cent, respectively.
Xero fell 3.09 per cent to $61.37 and Afterpay dropped 2.53 per cent to $23.86.
Telstra was down 1.80 per cent to $3.82 while TPG was down 0.98 per cent to $6.565 and Hutchison was down 4.35 per cent to 11 cents.
The materials and consumer discretionaries sectors flipped into positive territory, becoming the only two segments of the ASX able to eke out gains.
Mining giant BHP was up 0.15 per cent to $41.03 while Rio Tinto was up 0.39 per cent to $103.95.
The financial sector fell one per cent as all four of the big banks retreated.
ANZ was down 1.23 per cent to $26.935, Commonwealth down 0.52 per cent to $81.10, NAB down 0.77 per cent to $26.96 and Westpac was down 1.12 per cent to $27.705.
AMP crashed 14.30 per cent to $1.8425 after the wealth manager said it has no plans to pay a first-half dividend, as it expected to cancel the sale of its wealth protection business.
Elders was in a trading halt after it made a $187 million scrip and cash offer for unlisted private wholesale buying group Australian Independent Rural Retailers.
The Aussie dollar is buying 70.24 US cents, from 70.00 US cents on Friday.