ASX 200 drops for third trading day; banks weigh on market; Life360 slumps 29pc; inflation soars to 5.1pc

ASX 200 trimmed much of its intraday fall to close down 0.8pc at 7261, having now lost 4.5pc in the last three trading days; Resources sector bounced on crude oil gains; Tech sector lead falls, with Life360 the biggest loser scraping US IPO plans.

Another turbulent day for local market after Wall Street tumbled.

Welcome to the Trading Day blog for Wednesday, April 27. Australian stocks closed down 0.8 per cent after hitting a six-week low in the morning.

The intraday rebound came as US futures rose with China's sharemarket after Xi pledged "all out" infrastructure stimulus

Major sell off across the tech sector with Life360 tumbling more than 29 per cent after halting its US listing plans.

Resources sectors bounced amid crude oil gains.

Inflation jumps to a 20-year high of 5.1 per cent as petrol prices soar amid Ukraine conflict.

The S&P/ASX 200 ends down 0.8pc at 7261.9 after hitting a 6-week low of 7233.3.

The local bourse has lost 4.5pc in the past 3 trading sessions as it catches up with offshore falls, amid jitters over the global economic outlook as the Fed flags aggressive rate hikes, China pursues a zero-COVID policy and the Ukraine war drags on.

The market trims its early fall as Energy, Materials and Utilities stocks rose with crude oil after Russia said it will halt gas supplies to Poland and Bulgaria.

Blowout CPI data firms up expectations for a May rate hike and aggressive rate hikes over the next 12 months.