SYDNEY — Australian shares extended their losing run Tuesday, with the benchmark S&P/ASX 200 index falling 65.9 points, or 0.73%, to 8,945.0 by early afternoon, sliding to its lowest level in six weeks as renewed Reserve Bank rate hike fears, a stark new housing downturn warning and continued Middle East tensions weighed heavily on sentiment.

The decline dragged the index back below the psychologically significant 9,000-point level, wiping out Monday's modest gain of just five points, which had left the ASX 200 at 9,010.9 to start the week. Selling pressure was broad-based throughout Tuesday's session, with roughly 115 ASX 200 constituents trading lower compared with around 70 advancers and 15 stocks unchanged, according to data from The Motley Fool Australia.

All major sectors were firmly in negative territory as the session progressed. According to ABC News' live market coverage, consumer staples fell 1.2%, technology dropped 1.1% and financials shed 1.1% by mid-morning. Notably, even materials and energy, sectors that would typically be expected to benefit from stronger oil and copper prices, traded lower, down 0.7% and 0.1%, respectively, underscoring the breadth of Tuesday's selloff.

A grim new forecast on Australia's housing market added to the day's cautious tone. According to a report from HSBC cited in ABC's live coverage, the bank's central case now anticipates further declines in national home prices, warning that........

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