Australian shares retreated on Wednesday as investors remained wary of a rise in US Treasury yields ahead of crucial inflation data from the world’s biggest economy, which overshadowed Commonwealth Bank of Australia’s results.

The S&P/ASX 200 index closed 0.8% lower at 8,193.4 points, recording its third consecutive day of declines.

US Treasury yields rose overnight as investors priced in President-elect Donald Trump’s proposed policies of lower taxes and trade tariffs that are viewed as inflationary.

“Risk appetite in the ASX markets has notably compressed today as traders busily digest the red flags from the spike in yields ahead of the crucial US CPI and Australia’s unemployment report—both poised to reshape the trajectory of the RBA’s monetary policy agenda,” said Hebe Chen, a market analyst at IG Markets. US consumer price index data, due later in the day, will provide insights into Fed’s rate cut path.

Further rate cuts from the Fed will likely add more pressure for the RBA, which has lagged its peers in starting its rate cut cycle, to start rate cuts.

Commonwealth Bank of Australia reported first-quarter cash earnings slightly ahead of market consensus. However, its shares fell 0.5%, tracking a 1.1% decline in the broader financial index.

“CBA is extremely expensive and been pushed up by global funds due to size and liquidity. The result shows no growth over the year and yield is substantially lower than bonds.

CBA is a sell like other three banks,“ said Mathan Somasundaram, CEO of Deep Data Analytics. Meanwhile, shares of ANZ Group retreated 4.1% as the company traded ex-dividend.

Banks help Australian shares log best week since mid-August

Mining stocks retreated 1.2% while gold stocks fell 0.5%.

Shares of Mineral Resources tumbled 7.2% to hit their lowest level since late October after the miner said it would put its Bald Hill lithium mine in Western Australia under care and maintenance.

New Zealand’s benchmark S&P/NZX 50 index retreated 0.6% to 12,674.49.