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| Australian shares hit by commodity prices | Australian shares hit by commodity prices |
| (35 minutes later) | |
| Shares in Australia fell as much as 2% early on Friday as falling commodity prices hit energy related stocks. | |
| Shares in BHP Billiton, Australia's biggest miner, were down close to 3% in early trade. | Shares in BHP Billiton, Australia's biggest miner, were down close to 3% in early trade. |
| Overnight the Brazilian government fined BHP and its partner Vale for a dam burst at their jointly owned mine. | Overnight the Brazilian government fined BHP and its partner Vale for a dam burst at their jointly owned mine. |
| Sydney's benchmark S&P/ASX 200 index was down 1.66% at 5,040.10 in mid morning trade. The commodities index was at its lowest level since 1999. | |
| "The slide in commodities has seen BHP at its lowest price in a decade and has seen the Australian energy sector cross over the 30% decline level for the first time this year," IG Market's Evan Lucas told the BBC. | "The slide in commodities has seen BHP at its lowest price in a decade and has seen the Australian energy sector cross over the 30% decline level for the first time this year," IG Market's Evan Lucas told the BBC. |
| He said the material sector - which includes mining and refining of metals as well as chemical producers - was now making up 13.5% of the Australian stock exchange, down from 27% in 2011, he said. | He said the material sector - which includes mining and refining of metals as well as chemical producers - was now making up 13.5% of the Australian stock exchange, down from 27% in 2011, he said. |
| "The only commodities to see green in overnight trade were coffee, sugar and beef," Mr Lucas added. | "The only commodities to see green in overnight trade were coffee, sugar and beef," Mr Lucas added. |
| Oil prices also fell sharply after a report from producers' cartel Opec indicated that the excess in supply would continue. | Oil prices also fell sharply after a report from producers' cartel Opec indicated that the excess in supply would continue. |
| Elsewhere in Asia | Elsewhere in Asia |
| Shares across the rest of Asia were largely down on Thursday, following Wall Street's poor finish, and as investors continued to worry about a possible rate hike in the US this year. | |
| Japan's the benchmark Nikkei 225 index fell as much as 1% in early trade. By mid morning, it was down 1.33% at 19,435.03. | |
| In Hong Kong, the Hang Seng benchmark index was down 1.88% at 22,457.81, while the Shanghai Composite share index was down 0.69% at 3,607.46. | |
| South Korea's benchmark Kospi index was down 1.02% at 1,973.41 after the country's central bank left its rates on hold on Thursday. |