The benchmark S&P/ASX 200 fell 0.5 per cent, or 21.9 points, to 4241.10.
US stocks closed lower as solid domestic economic data failed to offset global jitters after China trimmed its growth target and a survey showed that European business activity had contracted.
Barclays Capital said: "The global growth picture continues to be mixed, with the US outperforming and European economies lagging."
In Australia, attention will turn to the Reserve Bank's interest rate decision at 2.30pm (AEDT); the central bank is widely expected to keep the key cash rate on hold at 4.25 per cent.
Miners were among the early decliners. BHP Billiton lost 2.1 per cent, Rio Tinto dropped 2 per cent and Fortescue Metals traded down 1.2 per cent.
Weaker base metal prices overnight pressured other commodity-linked stocks.Miners were among the early decliners. BHP Billiton lost 2.1 per cent, Rio Tinto dropped 2 per cent and Fortescue Metals traded down 1.2 per cent.
OneSteel declined 2.9 per cent while Alumina slumped 3.2 per cent.
Energy stocks traded mixed as crude oil futures edged above $US107 a barrel in electronic trading. Woodside Petroleum lost 0.9 per cent and Oil Search dropped 1.2 per cent, while Beach Energy rose 2.6 per cent.
Financial stocks also diverged - ANZ Group gained 0.5 per cent and National Australia Bank added 0.4 per cent, while Commonwealth Bank shed 0.3 per cent and Macquarie Group lost 0.8 per cent.
In the retail sector, Myer Holdings gave up 0.4 per cent and Billabong traded down 0.7 per cent but Woolworths managed a 0.2 per cent gain.
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