By Oliver Gray
Investing.com - The S&P/ASX 200 fell 78.9 points, or 1.2% to 6727.5 after the first hour of Wednesday’s deals, reversing gains of 1.2% in the previous session and tracking a negative close on Wall Street overnight as investors remained cautious ahead of a predicted rate hike from Federal Reserve policymakers later in the session.
ASX 200 Futures were pointing 0.1% lower.
Among stocks, Real estate fell 1.7% with Mirvac Group (ASX:MGR) down 2.6%, Charter Hall Group (ASX:CHC) up 0.1%, Goodman Group (ASX:GMG) down 1.4% and Stockland Corporation Ltd (ASX:SGP) falling 2%.
Materials fell 2% with Rio Tinto Ltd (ASX:RIO) down 3%, BHP Group Ltd (ASX:BHP) falling 2.4%, Champion Iron Ltd (ASX:CIA) down 3.5% and Fortescue Metals Group Ltd (ASX:FMG) 2.1%.
Information Technology dipped 2% as Block Inc (ASX:SQ2) fell 3.7%, Appen Ltd (ASX:APX) falling 1%, Wisetech Global Ltd (ASX:WTC) falling 2.6%, Xero Ltd (ASX:XRO) down 2.2% and Megaport Ltd (ASX:MP1) dipping 3.6%.
Link Administration Holdings Ltd (ASX:LNK) also tumbled 4.7% after its British subsidiary was fined £50 million over the Woodford funds collapse in 2019.
Brickworks Ltd (ASX:BKW) fell 0.1% despite posting record earnings, while Washington H Soul Pattinson & Co Ltd (ASX:SOL) rose 1.7% after reporting results.
On the bond markets, Australia 10-Year rates were at 3.74% while United States 10-Year yields were at 3.557%.
In New Zealand, the NZX 50 added 0.5% to 11,518.7.