Australian shares fell on Wednesday, with financial stocks leading the decline, as markets tracked a slide in global markets after the Russia-Ukraine crisis worsened.

The S&P/ASX 200 index was down 0.6% at 7,055.5 by 2347 GMT.

The benchmark had gained 0.7% on Tuesday.

Global markets tumbled as investors worried about escalating tensions after Russia bombed a TV tower in Ukraine's capital on Tuesday and rained rockets on the city of Kharkiv as Moscow intensified its bombardment of Ukrainian urban areas.

In Australia, financial stocks dropped 1.8%, with the "Big Four" banks retreating between 1.5% and 2.2%.

Australia's fourth-quarter GDP data is due on Wednesday, with a Reuters poll showing a 3.7% year-on-year growth, marginally down from 3.9% growth seen in the prior quarter.

Miners were biggest gainers on the index, rising 2.3% after iron ore futures surged to two-week highs on Tuesday.

Sector majors BHP Group and Rio Tinto jumped 2.5% and 3.1%, respectively.

Energy stocks advanced 1.6% after oil prices surged to their highest since 2014 on Tuesday on fears of supply disruptions.

Heavyweights Woodside Petroleum and Santos rose 2.6% and 3%, respectively.

Gold stocks also gained 1.6%.

Shares of Core Lithium Ltd surged 12.7% after the company said it entered into an agreement with Tesla Inc to supply the US electric-car maker with lithium spodumene.

New Zealand's benchmark S&P/NZX 50 index fell 0.4% to 12,154.91.