On Wednesday, the Australian share market took another bearish approach in cautious trading and fell for the second consecutive day after U.S. stocks on Wall Street sank to a new low for the year.
As Wall Street returned from the Martin Luther King Jr. day on Monday, the Nasdaq Composite index tumbled -2.6% to its lowest level in three months.
The long weekend failed to improve the mood of U.S. traders, as the latest wave of selling comes as Wall Street tries to predict how much the U.S. Fed will raise interest rates and how fast.
Investors are now pricing in a better than 86% probability that the U.S. Fed will raise short-term rates at its meeting of policymakers in March.
The benchmark S&P/ASX 200 index fell -76.3 points, or -1.03%, to 7,332.5, while the All Ordinaries lost -79.2 points, or -1.02%, to 7,656.6, while our local currency, the Australian dollar, is currently buying US$0.7212.
Titans BHP Group slid -0.3%, to $46.56, Rio Tinto added +0.2%, to $109.91, and Fortescue Metals Group lost -1.5%, to $20.44.
In Financials, ANZ slid -0.66%, to $28.56, Commonwealth Bank fell -1.45%, to $99.33, National Australia Bank retreated -1.16%, to $29.07 and Westpac lost -0.79%, to $21.24.