Shares drop as rising inflation sparks broad sell-off
The Aussie share market has lost ground as investors fear more bad news on global economic growth. -AAP Image
Australia's share market is trading at seven-week lows, with all but one local sector in the red after a bond sell-off articulated investor fears for global economic growth.
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The S&P/ASX200 fell 108.1 points, or 1.26 per cent on Wednesday, to 8,496.6, as the broader All Ordinaries lost 112.5 points, or 1.27 per cent, to 8,717.
Miners and financials weighed heavily on the bourse, after an overnight spike in bond yields sparked a "sell everything" session on Wall Street overnight, which was echoed by major indices in Asia and Australia.
"Gold came under pressure, silver came under pressure, bitcoin came under pressure, shares came under pressure," Moomoo market strategist Michael McCarthy told AAP.
"In other words, it was a 'sell everything' night, and that tells us that this is not about risk appetites - this is about concern about a deteriorating economic outlook."
The Australian dollar is buying 71.03 US cents, down from 71.48 US cents on Tuesday at 5pm.
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