Thanks afternoon crew. End-of-day summary: Australian shares...

Thanks afternoon crew.

End-of-day summary:

Australian shares suffered their heaviest loss in three weeks as the threat of a delay to interest rate cuts weighed on global markets.

The ASX 200 skidded 105 points or 1.34% to 7782.5 as traders dumped tech companies, property trusts and consumer stocks. Today's loss was the index's largest since a 143-point tumble on March 11.

The sell-off followed a similar down-swing on Wall Street and a warning from UBS that the RBA may not start cutting rates until November.

US stocks dropped for a second night as the odds on a June rate cut continued to diminish. The S&P 500 gave up 0.72%.

US futures retreated this afternoon with Asian markets. S&P 500 futures eased 0.1%.