More damage for ASX as market drops 1.3pct
The local bourse has seen no let-up, closing lower for the sixth time in the past seven sessions as traders digest the possibility of a supersized US rate hike overnight.
Selling accelerated in the afternoon, with the benchmark S&P/ASX200 index finishing Wednesday down 85 points to 6601.0, a drop of 1.27 per cent.
The broader All Ordinaries fell 95.4 points to 6785.8, a 1.39 per cent fall.
Global markets have been in free-fall since US consumer price figures released on Friday showed inflation was still raging, with many expecting the Federal Reserve to raise rates by an aggressive 75 basis points in response early on Thursday, Australian time.
The Australian dollar reached a five-week low against the greenback, buying 69.04 US cents, from 69.54 US cents at Tuesday's close.
Australian 10-year bond year yields rose above four per cent for the first time since 2014, hitting 4.2 per cent. They were just 1.7 per cent at the start of the year.
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