End-of-day summary:
A third day of selling drove the Australian share market near a four-week low as financial markets continued to push out rate-cut expectations.
The ASX 200 hit its lowest since May 3 before paring its loss to 37 points or 0.49%. Resource companies and rate-sensitive sectors spearheaded falls in the wake of overnight losses in the US and yesterday's domestic inflation disappointment.
Market pricing now implies no rates relief for Australians until next March, following news yesterday that inflation crept higher in April.
Rates worries were also dictating the market direction in the US, where the Dow sagged 1.06% to a four-week low and the S&P 500 gave up 0.76%.
US futures were mired in red at the Australian close. S&P 500 futures were down 0.56%.
