Australian shares closed lower on Wednesday, experiencing widespread losses, particularly in the banking and mining sectors, following stronger-than-anticipated inflation data. This data led to a shift in expectations regarding rate cuts and prompted investors to withdraw from riskier assets.
The S&P/ASX 200 index concluded 1.3% down at 7,665.60 points, marking its lowest close since May 3. It also represented the benchmark's most significant decline since May 1.
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