Materials stocks fell 2.69% at midday Monday, leading a broad-based slump, as all ASX sectors traded in the red.

A sell-off on Wall Street on Friday, triggered by fears of a slowing economy and rising inflation as the imposition of tariffs by the US government loom, spread to other global markets.

Rio Tinto Group (ASX:RIO) is in early discussions with the Democratic Republic of Congo (DRC) to develop the Roche Dure lithium deposit into a mine, Bloomberg News reported on March 28, citing unnamed people familiar with the matter.

In response to MT Newswires' request for comment, Rio Tinto said it had "nothing further to add".

The information technology sector fell 2.07% and energy stocks fell 1.64%.