The benchmark S&P/ASX200 index on Wednesday finished down 33.7 points, or 0.41 per cent, to 8,284.7, while the broader All Ordinaries fell 42 points, or 0.49 per cent, to 8,556.6.
The fall came after a sharper drop on Wall Street, where the S&P500 dropped 0.76 per cent following disappointing earnings from European chip maker ASML and reports the Biden administration might limit exports on AI chips.
Every sector except financials finished lower.
Tech was the biggest laggard, down 1.2 per cent as Wisetech Global slipped 2.0 per cent and Xero dipped 1.5 per cent.
In the heavyweight mining sector, BHP retreated 1.1 per cent to $43.54, Rio Tinto dipped 1.1 per cent to $120.78 and Fortescue was flat at $20.47.
Goldminers were higher though as the precious metal traded for $US2,668 an ounce.
Northern Star gained 1.8 per cent, Newmont added 2.6 per cent and Evolution advanced 6.8 per cent to a three-year high of $5.01 as the goldminer announced it had produced 193,554 ounce of gold in the September quarter at a five per cent lower cost than expected.
"It is very satisfying to start the (financial) year in a positive way with a first quarter on plan with an improved safety performance," managing director and CEO Lawrie Conway said.
In the financial sector, all of the big banks were higher.
ANZ advanced 0.8 per cent to $31.40, NAB rose 0.7 per cent to $38.45, Westpac climbed 0.6 per cent to $31.74, and CBA added 0.4 per cent to $139.80 as Australia's largest company held its annual general meeting in Adelaide.
Also, Bank of Queensland rose 6.5 per cent to a seven-month high of $6.68 after the regional bank reported it made $343 million in after tax-cash earnings for the 12 months to August 31, down 24 per cent from a year ago.
Managing director and chief executive Patrick Allaway said it demonstrated BoQ's continued execution of its strategic initiatives against a difficult backdrop.
BoQ's foundational digital ME bank was largely built and deposit migrations had started, with 26 per cent of all retail deposit customers on the platform, Bank of Queensland said.
In currency, the Australian dollar had slid below 67 US cents for the first time in a month, buying 66.96 US cents, from 67.08 US cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday down 33.7 points, or 0.41 per cent, at 8,284.7
* The All Ordinaries dropped 42 points, or 0.49 per cent, at 8,556.6.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.96 US cents, from 67.08 US cents at Tuesday's ASX close
* 99.98 Japanese yen, from 100.28 yen
* 61.52 euro cents, from 61.61 euro cents
* 51.41 British pence, from 51.43 pence
* 110.38 NZ cents, from 110.39 NZ cents
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