The Australian share market has resumed its downwards action, with the local bourse closing at its lowest level since June 20 as soaring bond yields continue to press on equities.
After taking a break for the public holiday, the local share market has picked up where it left off - by sinking lower as central bank rate hikes weigh on sentiment.
The property sector has gained ground, mining and financials were flat and the rest of the share market receded in a day of directionless trading on the ASX.
The local share market has closed modestly higher though it still has a long way to go before recouping its losses on Wednesday, the worst day in three months.
Wall Street stocks have closed higher as an on-target inflation report largely staunched the flow of the previous session's sell-off and investors pressed the "pause" button.
The Australian stock market has suffered its worst losses since June 14, falling along with markets around the world on predictions of aggressive US rate hikes.
The Australian stock market is on pace for its worst day since June 14 after falling in early trading in the wake of a worse-than-expected US inflation report.