Australian shares close at over three-month low as miners, banks slide ahead of Fed decision
EWA•Miners and banks lead declines
In Sydney, miners .AXMM fell 2.3%, their fourth straight session of losses, dragged down by lower iron ore prices, with BHP BHP.AX and Rio Tinto RIO.AX losing more than 2% each.
Banks .AXFJ lost 1.1%, with the "Big Four" lenders trading in the red. That, said Datt, suggested investors were focusing more on a potential deterioration in credit quality than the boost to net interest margins from higher rates.
Gold stocks .AXGD fell 3.1% and energy stocks .AXEJ dropped 1.6%.
Health and technology stocks buck the trend
Bucking the trend, health stocks .AXHJ gained 1.5% and technology stocks .AXIJ ended 0.3% higher.
Across the Tasman Sea, the New Zealand benchmark S&P/NZX 50 index .NZ50 fell 0.6% to 13,484.22 points.
Australian shares fall to more than three-month low
Australian shares closed at a more-than-three-month low on Tuesday, dragged down by commodity stocks and banks as investors awaited the U.S. Federal Reserve's rate decision later this week, while higher bond yields and inflation concerns also weighed.
