MELBOURNE: Australian shares fell 0.7 percent to a one-week low on Thursday, with miners suffering the biggest losses after metal prices took a hit after a weak Spanish bond sale revived caution among global traders.
Retailers, banks and airlines were also lower as investors withdrew from risk assets.
HSBC's survey of China's services sector at 0230 GMT next in focus. Any disappointment there could further fuel concerns about a slowdown in Australia's top export market.
"We've got a market here which is still hesitant. Value does exist within our equity market, it's just that we've got a lack of confidence out there that the earnings upside is actually sustainable," said Shaw Stockbroking dealer Jamie Spiteri.
"Some of the funds that have been invested here within Australia just haven't been delivering return in recent times. Cash has been preserved over the last 6-9 months and market performance has validated those actions of just ensuring you preserve capital, before you look for growth opportunities," he said.
The benchmark S&P/ASX 200 index was down 31 points at 4,303.2 at 0143 GMT. It drifted 3 points on Wednesday.
New Zealand's benchmark NZX 50 index fell 0.4 percent to 3,466.8 points.
Trading is expected to be thin ahead of market holidays for Easter. Australian markets are shut on Friday and Monday.
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