Investing.com - The ASX 200 was 0.4% lower after the first hour of Wednesday's trade, following a significant sell-off on Wall Street as investors eagerly await the release of crucial local inflation data.
The S&P/ASX 200 index dropped by 30.9 points, reaching 7007.3 ahead of the August CPI data release scheduled for 11:30am AEST.
Rate sensitive sectors such as tech led declines, with Life360 Inc (ASX:360) saw a 2.6% decrease, Wisetech Global Ltd (ASX:WTC) fell by 1%, and Technology One Ltd (ASX:TNE) registered a 0.8% loss.
In the United States, both the S&P 500 and the tech-focused Nasdaq experienced losses of more than 1%. This downturn followed disappointing consumer confidence data and the continuation of the US 10-year bond yields at their highest level since 2007.