The local share market fell sharply this morning, but pared back its losses as the session wore on.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.5% to 4937 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.5% to 5018 points
  • AUD/USD at US 75.46 cents
  • Iron Ore at US$54.57 a tonne, according to the Metal Bulletin
  • Gold at US$1,235.11 an ounce
  • Brent oil at US$40.08 a barrel

The ASX took its lead from international share markets this morning, falling sharply in response to renewed concerns regarding the global economy. However, shares soon fought back to record a more respectable decline for the day.

The banks produced mixed results. Westpac Banking Corp (ASX: WBC), National Australia Bank Ltd. (ASX: NAB) and Australia and New Zealand Banking Group (ASX: ANZ) all fell more than 1%. Meanwhile, Commonwealth Bank of Australia (ASX: CBA) fell 0.3%.

The miners were also mixed. BHP Billiton Limited (ASX: BHP) fell 1.3%, but Fortescue Metals Group Limited (ASX: FMG) gained 3.5%.

Telstra Corporation Ltd (ASX: TLS) also ended the session in the red, but OzForex Group Ltd (ASX: OFX) fell further, losing 4.3%.

The gold miners provided some light. EVOLUTION FPO (ASX: EVN) was the best of the group, rising 5.7%.

Here are Friday’s top stories:

  1. Are Australia’s big bank shares a screaming buy?
  2. ANZ Bank to cut dividends by 17% this year says broker
  3. 4 under-the-radar growth shares to buy today
  4. 4 high dividend yield shares to smash the RBA
  5. Are these 3 beaten-up small caps worth a closer look?
  6. Reserve Bank says Australian dollar is too high
  7. The writing is on the wall for fossil fuels

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.