SYDNEY, AAP – Share market investors have seen losses increase on Tuesday and a Reserve Bank decision is not expected to sway trading.
The market was down about one per cent and there were some huge losses for technology shares by 1200 AEDT.
Software developers Afterpay, Altium and Appen lost more than five per cent each.
The US Nasdaq plunged overnight after Facebook had a lengthy outage and a whistleblower accused it of putting profit before stopping hate speech and misinformation.
Elsewhere on the ASX, there were sizeable drops for shares in materials, health, consumer discretionaries, telecommunications and property.
Energy shares were climbing after OPEC said it would stick to an existing pact for a gradual increase in oil output.
Oil Search, Origin and Woodside each gained more than two per cent.
Economists expect the Reserve Bank will stick to its outlook of keeping the cash rate at a record low until 2024 when its board meets.
The bank is also not expected to waver from buying $4 billion worth of bonds per week until February.
The benchmark S&P/ASX200 index was lower by 68.3 points, or 0.93 per cent, to 7210.2.
The All Ordinaries was down 82.1 points, or 1.08 per cent, to 7494.7.
Evolution Mining will sell its Mt Carlton gold mine in Queensland for about $90 million.
Evolution will retain a stake in the mine as it has a stake of almost 20 per cent in buyer Navarre Minerals.
Navarre is funding the purchase by raising $40 million through a share sale.
Navarre shares were paused from trading.
Evolution shares were up 0.82 per cent to $3.65.
The larger miners were not faring so well. BHP and Rio Tinto dropped more than one per cent. Iron ore specialist Fortescue lost more than two per cent.
Most of the banks were lower. ANZ and Westpac lost almost one per cent. NAB shed about half a per cent. The Commonwealth was little changed.
Qantas is close to choosing which plane and engine suppliers will provide its next fleet of aircraft.
Airline boss Alan Joyce is in the US this week talking to manufacturers about the needs of the carrier for the next two decades.
Mr Joyce is discussing plans for more than 100 planes to join the Qantas domestic fleet with Airbus, Boeing, Embraer and engine makers.
Shares were down 1.72 per cent to $5.71.
Gold miner Newcrest will lose chairman Peter Hay to retirement on November 10.
Director Peter Tomsett will take over the role at the conclusion of the annual general meeting on the same day.
Shares were up 0.43 per cent to $23.09.
The Australian dollar was buying 72.79 US cents at 1200 AEDT, higher from 72.74 US cents at Monday’s close.