SYDNEY, AAP – Shares have dropped by almost two per cent on the Australian market after a downward spiral on Wall Street overnight.

Financials, property and consumer discretionary shares fared worst on the ASX on Friday as every category traded lower.

Market giant the Commonwealth Bank was hardest hit of the big four banks and lower by 3.74 per cent to $100.42 at 1200 AEST.

Macquarie Group shares also tanked by more than three per cent to $176.08.

US markets set the tone and plunged on inflation fears and budget wrangling in Washington.

Congress passed legislation during the US session to raise the nation’s debt limit and stave off a partial federal shutdown.

The news provided brief respite for investors before stocks continued tumbling.

The Dow Jones and S&P 500 lost more than one per cent. The Nasdaq shed about half a per cent.

In Australia, the benchmark S&P/ASX200 index was lower by 141.1 points, or 1.92 per cent, to 7191.1.

The All Ordinaries was down 139.2 points, or 1.82 per cent, to 7490.5.

Gold miners were one of few groups going against the trend.

Northern Star rose 3.41 per cent to $8.79.

Rival Evolution gained NSW government approval for a new underground mine in the state’s west.

The approval will help the company continue producing more than 350,000 ounces from Cowal per year.

Shares were up 2.29 per cent to $3.57.

Among the larger miners, Rio Tinto tumbled by 2.66 per cent to $97.51. BHP and Fortescue lost nearly two per cent.

Seven Group chief executive Ryan Stokes has had a pay rise of $300,000 to $1.9 million. The company’s market capitalisation has increased from about $2 billion to $8 billion since Mr Stokes took his role in 2015 .

Shares were down 1.64 per cent to $20.35.

Engineering group CIMIC has won a $297 million contract to make freight trains.

The UGL subsidiary will make the diesel electric trains in Newcastle for Pacific National.

The sales revenue will be earned over seven years.

Shares were down 0.35 per cent to $19.59.

Building materials supplier Adbri is gaining the sand operations of a quarry operator through a joint venture.

Adbri’s equal joint venture with Barro Group will acquire the sand operations of Metro Quarry Group.

Adbri shares were lower by 1.23 per cent to $3.19.

Healthcare imaging provider Pro Medicus has a $40 million deal with US medical group Novant Health.

Staff at Novant medical centres will use Visage software via a cloud system as part of a seven-year contract.

Shares were down about one per cent to $54.05.

The Australian dollar was buying 72.26 US cents at 1200 AEST, higher from 72.09 US cents at Thursday’s close.