At lunchtime AEST on Monday, the benchmark S&P/ASX200 index was down 23.7 points, or 0.35 per cent, to 7,074.7, while the broader All Ordinaries was down 24.9 points, or 0.34 per cent, to 7,260.7.
Corpay APAC currency analyst Peter Dragicevich said risk markets were under pressure at the end of last week as global recession concerns rattled nerves.
The S&P500 last week dropped 1.4 per cent, its largest weekly pullback since US regional banking issues flared up in March, while the ASX200 fell 2.1 per cent in its worst week since September.
"Weekend geopolitical developments in Russia (are) another thing to add to the 'worry wall',"Â Mr Dragicevich added, referring to what Russian leaders were describing as a coup attempt.
Nine of the ASX's 11 sectors were lower at midday, with tech and property the outliers, both up about half a percentage point.
The financial sector was the biggest laggard, falling 0.7 per cent.
CBA was down 0.8 per cent, NAB had dropped 1.2 per cent, Westpac was down 0.6 per cent and ANZ had fallen 0.4 per cent.
In the heavyweight mining sector, both BHP and Rio Tinto had dropped 1.1 per cent, while Fortescue Metals was down 0.5 per cent.
But goldminers were up as the price of the safe haven metal rebounded slightly to $US1925 ($A2881) an ounce - still below where it has been for most of the last three months - on the geopolitical tension.
Newcrest was up 1.6 per cent and Northern Star had jumped 2.0 per cent.
Wesfarmers was 0.5 per cent higher as its health products subsidiary agreed to buy SILK Laser Australia, a line of skincare clinics, for $180 million.
Metcash was up 4.3 per cent to $3.745 after the IGA, Mitre 10 and Cellarbrations supplier reported its underlying profit after tax grew 4.6 per cent to $307.5 million for the 12 months ended April 30.
"It has been another record year for Metcash, and one that represents continued progress on the outstanding results in the prior two years," said group CEO Doug Jones.
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