Here's what happened on the Australian share market today

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