| March 22
March 22 Australian shares slumped to a
three-week low on Wednesday, mirroring a sharp overnight fall on
Wall Street, as investors saw U.S. President Donald Trump's
struggles to push through his healthcare overhaul as a sign he
may also face setbacks delivering promised corporate tax cuts.
The S&P 500 and Dow Jones Industrial Average were down more
than 1 percent in their worst one-day performances since before
Trump was elected in November.
The S&P/ASX 200 index fell 1.36 percent, or 78.816
points, to 5695.8 by 1239 GMT.
"[Trump's] Healthcare legislation...looks like it is slowing
everything and perhaps we mightn't see any news about tax breaks
this year, I think we're speculating 2018," said Ben Le Brun, a
market analyst with Optionsxpress.
Financials and material stocks led the losses.
The financial index hit a three-week low, with the
"Big Four" banks losing between 1.3 percent to 2.2 percent.
Materials were dragged down, following a slip in commodity
Steel and iron ore futures in China fell about 4 percent on
Tuesday, while copper touched a one-week low with talks to
resolve a strike at the world's biggest copper mine in Chile
were set to resume.
The mining benchmark slid 1.7 percent, with
heavyweights BHP Billiton and Rio Tinto
declining over 2 percent each.
Shares of Fortescue Metals Group plunged as much as
7.1 percent, their biggest percentage loss in eight months,
while South32 Ltd lost 2.9 percent.
Healthcare stocks were another drag on the main
index, falling most in three months.
CSL Ltd hit its lowest in two weeks, while Sonic
Healthcare Ltd slipped 1.6 percent.
The energy index dived 1.4 percent on falling oil
prices, with U.S. crude dropping to its lowest since November,
as concerns about new supply overshadowed the latest talk by
OPEC that it was looking to extend output cuts beyond June.
Woodside Petroleum Ltd shed 1.8 percent, extending
losses to a third consecutive session, while Santos Ltd
hit its lowest in a week.
New Zealand's benchmark S&P/NZX 50 index fell 0.7
percent, or 50.69 points, to 7034.85.
Losses were spread across all sectors.
Fonterra fell as much as 0.2 percent to a near
The world's largest dairy exporter reported a 2.2 percent
rise in half-year profit but cut its full-year guidance due to
market volatility, reducing forecast earnings per share to 45 to
50 cents per share, from a range of 50 to 60 cents.
(Reporting by Christina Martin; Additional reporting by Urvashi
Goenka; Editing by Eric Meijer)