Aussie shares pare early losses, mining and tech drop

The local market's relative underexposure to advanced technology stocks helped it outperform most of its regional counterparts, with South Korea's KOSPI tumbling more than six per cent and the NIKKEI down 1.2 per cent by 4pm AEDT.

Despite copper prices holding relatively steady, the repricing of AI optimism appeared to hit mega miners BHP and Rio Tinto, which tumbled along with lithium and rare earths producers such as Liontown, PLS and Lynas.

The Australian dollar is buying 69.60 US cents, down from 69.77 US cents on Monday at 5pm.