Australian shares fell on Wednesday, retreating from record highs reached in the previous session as geopolitical concerns dampened investor sentiment.
The S&P/ASX 200 Index dropped 47.7 points, or 0.6%, to 8.326.3.
The energy sector slipped 1.3% as worries over escalating Russia-Ukraine tensions rippled through global markets.
Santos and Woodside Energy dipped 0.7% apiece, while Beach Energy dropped 1.9%.
Market sentiment remained cautious after Ukraine launched strikes on Russian territory using long-range missiles, prompting Moscow to warn of possible nuclear retaliation.
In the U.S., equities showed some resilience, with the Nasdaq climbing on the back of Nvidia’s performance.
Bitcoin briefly surged past US$94,000, showcasing optimism in the digital asset space despite geopolitical uncertainties.
Among individual companies, packaging giant Amcor fell 0.7% to $15.59 after announcing an A$12.7 billion acquisition of New York-listed Berry Group.
Meanwhile, Automotive cooling parts provider PWR Holdings tanked 24.7% after warning that its first-half FY25 profit after tax would drop significantly to $3.5 million, down from $9.8 million in the same period last year.
On the bond markets, 10-year and 2-year rates were higher at 4.565% and 4.101%, respectively.