AU Morning Wrap: ASX Drops in Broad Losses, Miners Under Pressure

The $S&P 500 Index (.SPX.US)$ fell 1.5 per cent in its biggest one-day percentage drop since September. The $Dow Jones Industrial Average (.DJI.US)$ shed about 476 points, or 1.3 per cent, and the $Nasdaq Composite Index (.IXIC.US)$ eased 1.5 per cent, marking their worst days since October. All three indexes were positive as of early Wednesday afternoon, then sold off to finish the session.

The $S&P/ASX 200 (.XJO.AU)$ fell 0.8 per cent, or 48.5 points, in the first 10 minutes of trade to 7489.4, pulling away from a 10-month peak touched on Tuesday. Ten out of the 11 sectors were in the red, with industrials unchanged.

$BHP Group Ltd (BHP.AU)$ was down 1 per cent, $Rio Tinto Ltd (RIO.AU)$ was off 0.9 per cent and $Fortescue Ltd (FMG.AU)$ was down 0.7 per cent. Lithium explorers and energy companies came under pressure. The major banks were also in the red.

$Pacific Smiles Group Ltd (PSQ.AU)$: Dental chain Pacific Smiles' rallied 2.1 per cent after the board rejected Genesis Capital’s takeover bid because it is "materially undervalued".