The Australian sharemarket recorded another steep fall on Wednesday, dropping a further 0.6 per cent to a six-month low after tracking losses on Wall St overnight.
The local benchmark sank to a further 42.1 points on open, after tumbling below the 7000 mark on Tuesday despite the fourth consecutive rates hold from freshly minted RBA governor Michele Bullock.
It currently sits at 6,904.3 points.
Ten of 11 industry sectors are currently in the red, led by losses in technology stocks, which are down 1.2 per cent after US heavyweights Apple, Amazon, and Tesla shares shed further value.
The Aussie dollar continued its sell-off overnight, briefing dipping below US 63c.
Wall Street woes continue
The US benchmark fell 1.3 per cent on Tuesday (local time), wiping off its year to date gains, after stronger-than-expected labour force data added to traders’ concerns that the Federal Reserve would have to keep interest rates higher for longer.
The news sent yields on five-year to 30-year US Treasuries up a further 10 basis points overnight following more hawkish messaging from the US Federal Reserve which sent the rate on the 10-year to 4.8 per cent, a level not seen since 2007.
Separately, the S & P 500 fell 1.4 per cent to a four-month low, while the Nasdaq 100 dropped 1.8 per cent.