The Australian stock market followed Wall Street's downward lead to open almost 1% lower, just a day after rising 2.5% and posting its biggest gains since October 2011.
United States stocks reversed early gains and ended lower on revived concerns about the eurozone and the political crisis in Egypt.
At 1015 AEST, the benchmark S&P/ASX200 index reversed 0.9% to 4,790.4 points, while the broader All Ordinaries index lost 0.85% to 4,769.6 points.
In economic news today, the Australian Bureau of Statistics is due to release May's international trade in goods and services data, along with its retail trade figures for May.
Reserve Bank of Australia governor Glenn Stevens is scheduled to speak at the Economic Society of Australia, while Vodafone Hutchison Australia chief executive Bill Morrow is slated to address an American Chamber of Commerce in Australia lunch.
HIA new home sales figures for May are due out.
No major equities news is expected.
In Australia, the market on Tuesday posted its strongest day in 20 months as the global economic outlook improves and interest rates remained on hold.
Shares gained about $39 billion in value in the largest one-day rise for the ASX200 index since October 6, 2011.
The benchmark S&P/ASX200 index was up 123.7 points, or 2.63%, at 4,834.0 points, while the broader All Ordinaries index was up 120.6 points, or 2.57%, to 4,810.3 points.