Shares fall early after extended rally

Shares have slipped early on the Australian share market after six consecutive days of gains.

The S&P/ASX200 benchmark index was lower by 48.8 points, or 0.79 per cent, at 6096.1 points after the first 15 minutes of trade on Wednesday.

The All Ordinaries index was 47.4 points, or 0.76 per cent lower, at 6215.5.

Energy and financial stocks, down 2.5 and 2.19 per cent respectively, were the main drag on the indices. 

Overnight, the S&P 500 and Dow fell as the Federal Reserve began a two-day meeting.

While no major policy announcements are expected when the US central bank wraps up on Wednesday, investors will scrutinise remarks on the health of the economy, which has been reopening after coronavirus-related closures.

The Dow Jones Industrial Average and the S&P 500 fell around 1.00 per cent each while the Nasdaq Composite added 0.3 per cent.

In Australia today, investors are eyeing data for housing, personal and business loans from April as well as consumer sentiment in May.

The Australian dollar was buying 69.36 US cents at 1015 AEST. That was lower from 69.37 US cents at the close of trade on Tuesday.

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