News: RIO Australia shares end lower on recession fears

	  All sectors finish in negative territory 

	  Commodity stocks lead losses 

	  Adbri top loser on weak outlook, CEO resignation 

(Updates to close)

Australian shares slumped on Monday, with commodity companies leading broad declines as searing inflationary pressures and worries about a potential global recession weighed on investor confidence.

The S&P/ASX 200 index (xjo) ended 1.4% lower at 6,664.4 points, with all sub-indexes in the red. The benchmark had risen 1.8% on Friday.

Wall Street dropped on Friday as worsening inflation expectations kept intact worries that the Federal Reserve's aggressive rate hike path could trigger a recession.

"The fog of battle with inflation is making it hard for investors," said Henry Jennings, a senior market analyst at Marcustoday Financial Newsletter.

Hebe Chen, a market analyst from IG Markets, added, "Growth and stability are the two vital elements to form and bolster investing confidence in the market. Unfortunately, both of them are in shortage for the market today."

Additionally, Chinese President Xi Jinping reiterating the validity of his zero-COVID policy at the opening of the ruling Communist Party Congress also hurt investor sentiment.

In Australia, the mining index .AXMM lost about 2% due to weak iron ore prices in top steel-producer, China. Rio Tinto (RIO) , BHP Group (BHP) and Fortescue Metals Group (FMG) fell between 1.1% and 2.3%.

Additionally, the gold index .AXGD slipped about 2.7%, despite a slight uptick in bullion prices as the U.S. dollar eased.

Index majors like Newcrest Mining (NCM) and Northern Star Resources .NST.AX dropped 1.8% and 4%, respectively.

Adbri (ABC) slid about 21.7%, the most on the bourse, after the construction giant gave a weak outlook for the year and said its chief executive officer resigned.

Star Entertainment (SGR) rose 1.5% as a regulator-appointed manager was named to run its Sydney casino after after being found guilty of preventing money laundering and criminal activity. .

New Zealand's benchmark S&P/NZX 50 index (nz50) fell 0.7% to finish the session at 10,785.9 points.