Australian markets fell sharply after reaching a record high in the previous session. The benchmark S&P/ASX 200 fell 1.02 percent to 8,668.20, suffering its biggest fall since April amid broad-based selling.

The broader All Ordinaries index settled 0.89 percent lower at 8,926.90. South32 shares surged 4.5 percent after the diversified miner exceeded its full-year production guidance.

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