The Australian sharemarket fell on Wednesday, tracking overnight losses on Wall Street as higher oil prices and surging global bond yields fuelled concerns that persistent inflation will prompt central banks to raise interest rates.
The S&P/ASX 200 Index dropped 88.3 points, or 1%, to 8,978.4, with seven of the 11 sectors finishing lower.
Information technology led the declines, with Xero falling 2.5%, WiseTech Global dropping 5.2%, TechnologyOne losing 2.3% and Life360 retreating 4.8%.
Major miners came under pressure. BHP fell 3.3%, Rio Tinto declined 1.5%, and Fortescue dropped 4.6%.
Gold miners also fell amid lower spot gold prices, with Northern Star Resources down 4.7%, Evolution Mining losing 1.9% and Newmont shedding 3.3%.
Real estate investment trusts were broadly lower, with Goodman Group falling 3%, Charter Hall declining 0.5% and Lendlease dropping 1.7%.
Among data releases, Australian gross domestic product (GDP) rose 2.1% year on year in the June quarter, beating market expectations for 1.8% growth.
On the bond markets, the 10-year yield rose 0.9% to 5.205%, reaching its highest level since July 2011, while two-year rates increased 0.7% to 4.841%.
