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Derek Rose

UNCOVERED: Australian shares fall as us inflation picks back up - The Untold Story

United States Inflation US Federal Reserve NAB

Australian shares have fallen from record highs after US data dented hopes of the Fed cutting rates. (Bianca De Marchi/AAP PHOTOS)

The local share market has dropped from record levels after US government data showed inflation re-accelerating amid President Donald Trump's trade war, reducing the odds that the world's biggest economy will cut interest rates any time soon.

The benchmark S&P/ASX200 index on Wednesday finished down 68.5 points to 8,561.8, a drop of 0.79 per cent, while the broader All Ordinaries fell 58.9 points, or 0.66 per cent, to 8,816.4.

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