Shares drop for first time in four days

Shares have closed lower for the first time in four days on the ASX after signs of a slowing Chinese economy and US tax hike fears.

The market was lower for almost all of Wednesday after US traders grew wary of a US corporate tax rate rise coming closer to fruition.

Chinese economic data which included retail sales last month being well down on expectations failed to change the mood.

Energy providers gave back some of the gains they made in the previous session and were the worst-hit category.

Materials shares also fared poorly.

The benchmark S&P/ASX200 index closed lower by 20.3 points, or 0.27 per cent, to 7417.

After 11 consecutive months of gains, the index is down by more than one per cent midway through September.

The All Ordinaries closed down by 17.1 points, or 0.22 per cent, to 7723.2.

The Australian dollar was buying 73.18 US cents at 1622 AEST, lower than 73.36 US cents at Tuesday's close.

Austrlaian Associated PressBack to Breaking News

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