In overnight trading, mining company Glencore clawed back some of yesterday's massive losses. The company insists it can survive the current market volatility, but today's trade will be closely watched after $56 billion evaporated on Tuesday.
So how bad is this plunge? Analyst Marcus Padley told the ABC it appears we're seeing the start of a global resources crisis and a "resources wreck". However Treasurer Scott Morrison says Australia's "swimming against the tide incredibly well".
At the UN, Barack Obama told a counter-terrorism summit that defeating Islamic State would require a new leader in Syria. Julie Bishop told the summit Islamic State had been "blunted" in the last 12 months.
Ms Bishop told the meeting the campaign against IS was going well. She announced separately Australia would seek a seat on the UN's Human Rights Council and push for an end to the death penalty.
NSA whistleblower Edward Snowden has joined Twitter. He opened with jokes about border controls on Mars and cat pictures.
Here's what's coming up:
09.00am AEST: Christopher Pyne delivers his first major speech in his new portfolio
10.00am AEST: Trade resumes on the Australian Stock Exchange
10.00am AEST: Ex-Hey Dad! star Robert Hughes appeals against his conviction on child sex charges
11.30am AEST (09.30am AWST): The West Coast Eagles' fan bus leaves for Melbourne ahead of Saturday's AFL grand final
12.30pm AEST: Greens leader Richard di Natale address to the National Press Club.
04.00am AEST Thursday: The Palestinian flag is due to be raised at the UN for the first time.
The Queensland Labor Government is set to backtrack on an election pledge by keeping controversial water reforms designed to help big mining operations.
Twin brothers Vincent and Marcus Stanford are expected to face court today in the NSW Riverina region charged in connection to the alleged murder of Leeton High School teacher Stephanie Scott.
Militant group Islamic State claims responsibility for the shooting death of an Italian aid worker in the Bangladeshi capital, Dhaka, as Western governments reissue travel warnings for the region.
The daughter of late actor Paul Walker, who died in the fiery crash of a Porsche sports car in California two years ago, files a wrongful death lawsuit against the German car company.
Justin Hodges will captain Brisbane in the NRL grand final against North Queensland after being cleared of a dangerous throw charge by the judiciary on Tuesday night.
The engineer who led the small research team that discovered Volkswagen was cheating emissions tests says he never expected to stumble across the scandal.
The Federal Opposition says it still has concerns about the China Free Trade Agreement, as the Chinese ambassador warns against letting the deal "slip away".
Afghan forces launch a major operation to take back Kunduz, a day after Taliban insurgents stormed the strategic northern city and freed hundreds of prisoners.
Indonesia sends nearly 21,000 personnel to fight fires on its northern islands that have spread haze to neighbouring Singapore and Malaysia, the disaster management agency says.
Fencing off Australia's beaches from sharks with electric cables is one idea discussed at a summit in Sydney where experts try to develop ways to repel the predators and prevent attacks.
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