The local share market has tumbled to its lowest intraday level since March in early trading, ahead of this afternoon’s Reserve Bank meeting, pressured by soaring bond yields.

At 10.47am AEDT on Tuesday, the benchmark S&P/ASX200 index was down 91.1 points, or 1.3 per cent, to 6,942.1, while the broader All Ordinaries had dropped 90.6 points, or 1.25 per cent, to 7,144.9.

Earlier the ASX200 had dropped as low as 6,915.8, its lowest intraday level since March 16.

“It’s not a pretty sight,” Ausbiz TV anchor Danielle Ecuyer said.

In the US overnight, the major indexes erased early gains to finish mixed as 10-year Treasury yields hit 4.68 per cent, their highest level since 2007.

Australian 10-year government bonds were yielding 4.58 per cent, an 11-year high, pressuring riskier equities.

Every sector except health care was in the red in early trading.

Energy had dropped by 3.8 per cent, materials was down by 2.6 per cent, real estate had fallen 2.1 per cent and tech was down 2.0 per cent.

BHP was down 2.5 per cent and NAB was down 2.0 per cent, with the other Big Four banks down by between 1.0 and 1.6 per cent.

The RBA is widely expected to leave rates on hold for a fifth consecutive time in a decision that’ll be handed down at 2.30pm AEDT, but there are no guarantees.

– AAP