The ASX200 is down by around 1.4% in midday trade, after three straight days of gains.
Losses are widespread across the board, with the index currently on track for its worst intra-day fall since June 30.
The ASX financial index down 1.8% with ANZ leading the major banks lower, a short time ago down by more than 2%.
Among the resources stocks, both BHP and Rio are more than 1% down. But Fortescue has reversed the trend of the broader market, a short time ago up by 3.63%. Gold miner Newcrest Mining was down more than 2%.
Among the falls for bigger listed companies, Macquarie Group was down 2.48%, CSL was down 2.3% and QBE was 2.17% lower.
While the ASX200’s push towards 5,800 this week just reversed, the recent trend of global capital moving into emerging market stocks continues.
Stock indexes in India and South Korea hit new record highs this week, while Hong Kong’s Hang Seng index moved above 27,000 for the first time since 2015.
All three indexes are trading slightly lower today, but India’s Nifty 50 index broke through 10,000 for the first time on Tuesday, following a 2.3% rally last week. The Nifty – a benchmark index comprised of stocks across 12 major sectors – is now up 22% for the year.
South Korea’s KOSPI Index reached a new record high on Monday of 2,451.10, but cooled off this week and a short time ago was down 1.3% in Friday trade.
Broader weakness in the US dollar continues to provide a favourable backdrop for emerging market equities in Asia, which saw record capital inflows in the first half of this year.