The benchmark S&P/ASX200 index was down 15.7 points, or 0.19 per cent, to 8,302.7 at noon AEDT on Wednesday, while the broader All Ordinaries had dipped 21 points, or 0.24 per cent, to 8,577.7.
The fall comes after a sharper drop on Wall Street, where the S&P500 fell 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 was lower at midday.
Tech was the biggest laggard, down 1.1 per cent as Wisetech Global slipped 1.7 per cent and Xero dipped 1.6 per cent.
In the heavyweight mining sector, BHP was down 1.0 per cent, Rio Tinto dipped 1.1 per cent and Fortescue dropped 0.2 per cent.
Goldminers were higher though as the precious metal traded for US2,667 an ounce.
Northern Star had gained 1.4 per cent, Newmont had added 3.1 per cent and Evolution had advanced 5.2 per cent as the goldminer announced it had produced 193,554 ounce of gold in the September quarter.
"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 and NAB advanced 0.5 per cent, Westpac climbed 0.8 per cent and CBA was up 0.4 per cent as Australia's largest company held its annual general meeting in Adelaide.
The Australian dollar slid below 67 US cents for the first time in a month, buying 66.90 US cents, from 67.08 US cents at Tuesday's ASX close.
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