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Australian shares fall to a two-week low amid economic data

Investors kept their distance from the market ahead of important economic data to get a sense of the Reserve Bank of Australia’s monetary policy.

As of 0024 GMT, the S&P/ASX 200 was down by 0.5% to 8,854.20. The benchmark index ended Tuesday 0.3% lower.

If the current momentum continues, the benchmark index is on course to record its fourth consecutive day of losses. The benchmark index has fallen 1.3% this month as traders lock in profits after its strongest August performance since 2009

The economic data for Australia's second quarter GDP is due to be released later today.

Investors will be watching this data because they are "wary" of the weak growth in the future and that there may need to be more aggressive RBA reductions. Kyle Rodda is a senior financial analyst at Capital.Com.

The market swaps currently price over 80% of the probability that RBA will keep rates unchanged later this month.

On the stock exchange, financials that are sensitive to rates fell by nearly 1% and reached their lowest level since 20 August.

The "Big Four' lenders lost between 0.6% to 1.4%.

In tandem with their American counterparts, Australian technology stocks fell as much as 2 percent, reaching their lowest level since mid-July.

Xero, a New Zealand-based accounting program giant, fell by more than 3%. WiseTech Global dropped by 1.4%.

Santos fell 0.4%, while energy stocks lost 0.2% of their early gains.

Miners bucked the trend of gloomy sentiment by advancing 0.3%, thanks to higher iron ore and Copper prices. They are now on course for their fourth session in a row of gains.

BHP Group, Rio Tinto and other global miners each gained 0.3%.

As of 0024 GMT, the benchmark S&P/NZX 50 Index in New Zealand was largely unchanged at 13,143.22.

(source: Reuters)