The Australian sharemarket opened lower on Wednesday, with miners and financial stocks declining after Wall Street edged back from record heights ahead the Federal Reserve interest-rate decision.

The S&P/ASX 200 was down 39.5 points, or 0.4 per cent, at 8838.20 as of 10.56am AEST, with eight of the 11 industry sectors in the red. The losses came after the ASX added 0.3 per cent on Tuesday. The Australian dollar was stronger at US66.83¢.

Wall Street is expecting a rate cut this week. Credit: AP

Mining stocks – the winners of the previous session – were softer, with the iron ore heavyweights BHP, Fortescue and Rio Tinto down 0.7 per cent, 1.1 per cent and 0.2 per cent, respectively. Gold miners also wobbled even as bullion rose above $US3700 an ounce for the first time overnight, su

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