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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