Australia’s sharemarket has wiped most of the week’s gains in two sessions, as a rising greenback and global growth concerns dragged metals prices lower.

The Australian sharemarket lacked direction in early trade, tracking a patchy day on Wall Street where investors rotated out of technology shares.

The Australian sharemarket finished lower after speculation that the US central bank would hike interest rates this year weighed on prices for base metals, sending down miners.

Australian shares are set to open lower as Wall Street staged a comeback that drove the S&P 500 up. Oil dropped as the Strait of Hormuz resumed shipping. Follow live updates.

Australia’s sharemarket has wiped most of the week’s gains in two sessions, as a rising greenback and global growth concerns dragged metals prices lower.