Sentiment across financial, crude oil futures and metal markets was dampened after the United States downplayed the possibility of signing a trade deal with China before the March 1 deadline. US President Donald Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal. The news sent Australia's China-dependent mining and energy stocks sharply lower, dragging the benchmark.
Oil producer Beach Energy fell as much as 10.4 percent, its biggest drop since November 21, while sector heavyweight Santos Ltd slumped 4.4 percent. Mining behemoth Rio Tinto dropped 1.8 percent and snapped a 3-day winning run, while BHP Group and Fortescue Metals Group lost 1.5 percent and 1.6 percent, respectively. Financials stocks erased early gains to end 0.2 percent lower, with National Australia Bank slipping 0.7 percent and seeing its worst day in nearly 1-1/2 weeks.
New Zealand's benchmark S&P/NZX 50 index rose 0.47 percent or 43.1 points to 9,176.61. Retirement village operator Ryman Healthcare was the biggest percentage gainer, up as much as 4.5 percent.