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  • May 4th, 2017
  • Comments Off on Australian, New Zealand shares down
Australian shares ended lower on Wednesday as financial and basic material stocks extended losses, brought down by softer metals prices and as caution about bank earnings and monetary policy weighed on sentiment. Investors will also be looking out for the outcome of the US Federal Reserve's policy meeting later in the day at which it is expected to stand pat on interest rates.

The S&P/ASX 200 index was 0.98 percent lower, or 58.065 points, at 5,892.3. Losses were led by financial stocks as the "Big Four" banks lost between 1.7 percent and 2.8 percent after ANZ's half-year results miss in the previous session kept investors cautious ahead of National Australia Bank's half-year results due on Thursday.

The Reserve Bank of Australia held rates steady on Tuesday as it sought to balance the risk of rising household debt against subdued inflation and wages growth. BHP Billiton fell percent to its lowest in nearly six months, down 2.3 percent while Rio Tinto and Fortescue Metals shed nearly 1 percent. New Zealand's benchmark S&P/NZX 50 index ended 0.22 percent lower, or 16.65 points, to finish the session at 7,405.84, snapping straight days of gains. A 3.5 percent loss in the New Zealand shares of ANZ Bank weighed on the rest of the sector, while Sky Network was the biggest loser on the benchmark, down 3.7 percent.



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