INSUBCONTINENT EXCLUSIVE:
Australian shares ended lower on Wednesday, erasing nearly all their gains from the previous session with financials bearing the brunt of
the losses.
The SP/ASX 200 index fell 0.4 per cent to 6,183.4 at the close of trade, below Tuesday's finish at 6,210.2.
Shares fell
despite retail sales data for the month of May coming in slightly higher than expected, rising 0.4 per cent.
Still, annual growth in retail
sales slowed to a sombre 2.5 per cent, well below the 5 per cent-plus that used to be considered commonplace.
"The retail sector has been
under sustained pressure for many years," said Michael McCarthy, chief strategist at CMC Markets and Stockbroking.
Financial stocks
accounted for around a half of the losses on the benchmark as investors booked profits, with the main financial index down 0.7 per
cent.
Platinum Investment Management, which has investments in China, was the top per centage loser, closing about 9 per cent lower to a
near 11-month nadir as trade war concerns weakened Chinese asset prices.
Among the "Big Four" banks, National Australia Bank and
Commonwealth Bank of Australia were the biggest drags, falling 1.3 per cent and 0.5 per cent, respectively.
A slight recovery in commodity
prices helped steady the resources sector after China's central bank assured markets it would keep the yuan stable.
BHP pared earlier
losses to close flat, while Rio Tinto fell 0.8 per cent
The metals and mining index closed 0.1 per cent lower.
The benchmark gold index climbed 1 per cent, supported by gold prices hitting a
one-week high as the US dollar softened.
New Zealand's benchmark SP/NZX 50 index fell 0.3 per cent, or 27.95 points to finish the session
at 9,025.64.
a2 Milk Company was the worst performer on the index, falling 3.4 per cent after strong gains in the previous session when its
supply contract with Synlait Milk was extended
