Stocks on Wall Street fell overnight, after some disappointing earnings results from a number of US companies.
The heavy equipment machinery maker, Caterpillar, cut its full-year outlook for a third time and its quarterly profit came in below market expectations.
Several smaller technology firms joined Intel and Texas Instruments in lowering their revenue forecasts.
At the other end of the spectrum, shares in Boeing jumped, after its profit rose and the company lifted its full-year earnings guidance.
The Dow Jones Industrial Average closed 0.4 per cent lower to 15,413 points.
The S&P 500 lost 0.5 per cent to end the session at 1,746 and the Nasdaq gave up 0.6 per cent, to close at 3,346.
European markets also lost value, with concerns over an inflation blow-out in China spooking investors.
Traders are concerned the People’s Bank of China may tighten its cash supply to head off inflationary risks, which could curb Chinese growth.
In London, the FTSE 100 lost 21.18 points to end the session at 6,674.48.
The Australian dollar eased overnight and at 7.15am AEDT it was worth 96.18 US cents.
On the cross-rates it was buying 69.81 eurocents, 59.48 British pence, 93.63 Japanese Yen and $NZ1.14.
West Texas Crude was down to $US96.89 a barrel, the price of a barrel of Tapis had fallen to $US116.73 and spot gold had eased to $US1,332.69 an ounce.