Australian Shares Falls for the Third Consecutive Session; Commonwealth Bank of Australia Drops on Earnings

Australian shares fell for the third consecutive session as high US bond yields and inflation concerns dominate market sentiment.

The S&P/ASX 200 Index fell almost 1% or 68.8 points to 8,186.8.

Bond yields have soared since Donald Trump was elected back to the White House last week. Trump's proposed policies are also seen by analysts as fueling inflation, potentially impeding the path to lower Fed interest rates, Reuters reported.

Commodities were broadly weaker as traders worried about the outlook for key consumer China, which stands to bear the brunt of Trump's threatened trade tariffs, the report added.

On the domestic front, Australian wages grew to their slowest in around two years with the Wage Price Index rising 3.5% in the 12 months since September, the Australian Bureau of Statistics reported.

In company news, the Commonwealth Bank of Australia (ASX: CBA) reported a cash net profit of AU$2.41 billion in the fiscal first quarter, flat compared with the same period a year earlier. The Bank's shares fell almost 1% at market close

Light & Wonder's (ASX: LNW) attributable net profit fell to $64 million in the third quarter from $75 million in the same quarter a year earlier. The company's shares were down 5% at market close.

Life 360 LIF swung to a net profit of $7.7 million in the third quarter from a net loss of $6.5 million in the same period a year earlier.