AU Morning Wrap: ASX falls after Wall Street selloff

The yields on many Treasuries, which are considered virtually risk-free if held to maturity, now dwarf the S&P 500’s dividend yield, which recently stood at about 1.8 per cent, according to Refinitiv Datastream.

The S&P 500 dropped 2.1 per cent to end the session at 3640.47 points.

"Transaction volumes of construction steel in China's physical market improved significantly this week ," Mysteel reported.

• Oil prices were mostly unchanged as tumbling equity markets weighed on commodity risk appetite.

"A deteriorating crude demand outlook won't allow oil to rally until energy traders are confident that OPEC+ will slash output at the October 5th meeting," said Oanda senior market analyst Ed Moya.

• Gold reversed early losses as the US dollar was unable to hold onto gains.

"Fed messaging has been consistently shrugging off recession risks which implies they will remain aggressive with rate increase in November and December. The risks are still to the downside, but right now it seems gold has major support ahead of the $1600 level," said Moya.