Australian shares plunged on Wednesday, led by a sharp sell-off in interest rate sensitive tech and real estate stocks, as traders wound back their bets for rate cuts by the US Federal Reserve.
At the closing bell, the benchmark index, the S&P/ASX200 tumbled 1.3 per cent, or 105.4 points, to 7782.5.
All 13 industry sectors, bar utilities and energy, finished in the red.
Meanwhile, the broader All Ordinaries index fared slightly worse, shedding 1.4 per cent of its value to close at 8033.6.
The Australian dollar was flat against the greenback to buy US65.19c.
Analysts are pricing in just two rate cuts by the Federal Reserve this year, with some analysts forecasting the US central bank will keep rates on hold through to 2025. Picture: AFP / Chip Somodevilla
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