Australian shares fell on Wednesday as fears of a global trade war resurfaced after free-trade advocate Gary Cohn resigned as US President Donald Trump's top economic adviser. Sentiment was further soured after data revealed that Australia's economy grew more slower than expected during last quarter.
The S&P/ASX 200 index dropped 1.01 pct, or 60.4 points, to 5,902.0 at the close of trade. On Tuesday, the benchmark rose more than 1 percent. Financial stocks were the biggest drag on the benchmark, ending 0.4 percent lower with the 'Big Four' banks losing between 0.7 percent to 1.6 percent. Westpac Banking Corp was the biggest drag on the ASX 200, pulling it back about 6 points.
Commonwealth Bank of Australia on Wednesday announced it expects to raise $586.7 million through an issue of hybrid capital notes called 'PERLS X'. Its share-price declined about 0.7 percent for the day. The New Zealand benchmark index also fell 0.52 percent, or 43.32 points, to 8,284.340 as healthcare and consumer staples stocks weighed down the market. Fisher & Paykel Healthcare Corporation Ltd ended 3.28 percent lower, while A2 Milk Company Ltd shed 1.5 percent.