Miners, banks drag Australian shares to over 5-week low, BHP falls on profit miss

Feb 21 (Reuters) - Australian shares fell on Tuesday to their lowest in more than five weeks, dragged down by heavyweight financials and mining stocks, while top miner BHP Group slipped after missing first-half profit estimates. The S&P/ASX 200 index retreated 0.7% to 7,298.4 by 2356 GMT, hitting its lowest since Jan. 13, as investors across the globe awaited minutes of the U.S. Federal Reserve's last policy meeting for clues on further rate hikes. The Australian benchmark index had closed 0.1% higher on Monday. Export-reliant miners declined 0.9%, with BHP Group shedding more than 2% after it reported a sharp drop in first-half profit. Rio Tinto slipped 0.1%, while Fortescue Metals jumped 2%. Financials fell 0.8%, with the big "four banks" down between 0.9% and 1%. Tech stocks slipped 0.8%, with Block Inc's ASX-listed shares down 1.3%. Energy stocks eased 0.3% even after oil prices closed slightly higher overnight. Sector majors Woodside energy and Santos lost 1.4% and 0.3%, respectively. Among individual stocks, Magnis Energy jumped 9.9% to hit its highest level since Sept. 12, 2022, after signing a graphite supply deal with Tesla Inc . New Zealand's benchmark S&P/NZX 50 index eased 0.1% to 11,886.11. The Reserve Bank of New Zealand will meet on Wednesday, where a 50 basis-point rate rise is expected. The bank is also expected to moderate its hawkish stance as inflation expectations wane and the labour market cools. (Reporting by Nausheen Thusoo in Bengaluru; Editing by Subhranshu Sahu)

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