Aussie shares gave up all yesterday’s gains, after a mixed night on international markets overnight.
Local sentiment was battered further by concerns tonight’s EU summit will involve discussions on managing a Greek exit from the eurozone.
All sectors finished underwater, with material and IT stocks the hardest hit.
The banking majors weighed on the market; ANZ was the clear underperformer of the group, dropping 2%.
Not helping the big miners was the OECD projecting that global growth would ease to 3.4% this year from 3.6% last year.
BHP declined 1.2% whilst Rio Tinto let go of 1.1%.
Myer plummeted 7.8% after reporting 3Q FY12 sales of $651.1 million, down 0.9% compared to the same quarter last year.
The group also downgraded its guidance for FY12.
The ASX 200 shed 54 points (-1.3%) to settle at 4067.