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The Australian share market has slumped to a six-week low after a mass sell-off on Wall Street but recovered slightly after softer-than-expected wages data.

The benchmark S&P/ASX200 was down as much as 66 points before lunchtime on Wednesday but rebounded to finish down 21.8 points, or 0.3 per cent, at 7,314.5.

The broader All Ordinaries dropped 27.6 points, or 0.37 per cent, at 7,517.

Strong US services data overnight heightened fears the Fed will jack up interest rates to pour cold water over the economy.

But the market was buoyed by weaker-than-expected Australian wages data, which investors read as a sign the Reserve Bank could ease off on rate hikes.

The Australian dollar was buying 68.39 US cents, down from 68.95 US cents at Tuesday’s ASX close.

Derek Rose
(Australian Associated Press)