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Australia shares fall 1% on product declines, CBA posts a little better revenue

Australian shares fell on Wednesday for the third successive session, with the mining and monetary sectors declining the most, and the country's primary bank fell after it reported earnings.

The S&P/ ASX 200 index fell as much as 1.2% to 8,157.30 points by 2345 GMT, with many sectors trading in the red. The benchmark fell 0.1% on Tuesday.

The mining index bore the force of weaker iron ore prices in leading steel manufacturer China as financiers remained unsure of the stimulus determines to prop up its beleaguered economy. It fell nearly 2%, down for a 3rd straight day.

Leading mining giants BHP Group and Rio Tinto traded 1.8% and 3.1% lower respectively.

The monetary sector-- which occupies one-third of the benchmark-- did the same, falling 1.4%, with ANZ Group losing the most, about 3.9%. The loan provider traded ex-dividend and was among the top losers in the benchmark.

Others such as Westpac and National Australia Bank lost 1.3% and 1.6% each.

On the other hand, the energy and gold indexes fell 0.8% each.

Under business news, Commonwealth Bank of Australia fell 1.3%, even as it reported first-quarter cash incomes a little better than market expectations.

Furthermore, Mineral Resources flagged a closure of its Bald Hill mine due to an extended recession of lithium rates. Shares fell more than 7% to their least expensive level because late October.

Overnight, the U.S. Dow Jones Industrial Average fell 382.15 points, or 0.86%, at 43,910.98 points on Tuesday. The S&P. 500 lost 17.36 points, or 0.29%, while Nasdaq. lost 17.36 points, or 0.09%.

New Zealand's benchmark S&P/ NZX 50 index fell 0.7%. to 12,664.11 points.

(source: Reuters)