Thanks afternoon crew. End-of-day summary: The share market fell...

Thanks afternoon crew.

End-of-day summary:

The share market fell for a third day despite a tentative rebound in some commodities after China unexpectedly cut loan rates.

The ASX 200 dropped 40 points or 0.5% to 7932. The heavily-weighted materials sector sagged 0.86% to its weakest level since October 2023. Other significant drags included energy producers and property trusts. Supermarkets offered a haven.

Iron ore turned positive in China after the People's Bank cut its seven-day loan prime rate by 10 basis points to 1.7% to “step up financial support for the real economy.” Oil and gold also rebounded.

Today's market weakness followed declines in US stocks and commodity prices on Friday. The S&P 500 dropped 0.71%, sealing the benchmark's worst weekly loss since April: 1.97%.