Energy was the only sector not to drop on the ASX ahead of new US inflation data. -AAP Image
The Australian share market has dropped significantly for a second day, with every sector except energy in the red ahead of two big risk events in the United States.
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The benchmark S&P/ASX200 index on Wednesday finished 39.9 points, or 0.51 per cent, lower at 7,715.5, while the broader All Ordinaries dropped 42.8 points, or 0.53 per cent, to 7,963.1.
The US Bureau of Labor Statistics will release the latest consumer price index data on Wednesday night AEST, and then early Thursday the US Federal Reserve will announce its latest decision on interest rates.
On Tuesday, the ASX200 dropped 1.33 per cent, its worst loss in seven weeks.
The Australian dollar was buying 66.19 US cents, from 66.08 US cents at Tuesday's ASX close.
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