The Wire

Local shares are down, direct proof that economic troubles in the US are undermining the confidence of Australian investors. The Materials Index is down more than 4 per cent after a decline in commodity prices and at midday today, shares in BHP Billiton had fallen by 4.7 per cent, while Rio Tinto had lost more than 5 per cent. The All Ordinaries was down 2 per cent and the Australian dollar is trading at its lowest level against the greenback since August last year.