Aussie stocks open lower as global growth concerns weigh, NZ down
* U.S. payrolls, China trade data still weighs
* Banks, miners lead decline
* Shanghai stocks could influence ASX today - analyst
* NZ weaker on financials, utilities
By Devika Syamnath
March 11 (Reuters) - Australian shares fell on weaker mining
and financial stocks on Monday after economic data from the
United States and China signalled a further cooling in the
The S&P/ASX 200 index fell 0.4 percent or 27.3
points to 6,176.5 by 0044 GMT. The benchmark fell 0.6 percent on
Global stocks retreated on Friday after a disappointing U.S.
payrolls report coupled with weak trade data from China revived
concerns that the world economy was slackening. The European
Central Bank's surprising dovish hand further fuelled growth
"Trading in Shanghai will be very influential today," said
Michael McCarthy, chief market strategist at CMC Markets, adding
that Australian shares could gain if equities in top trading
partner China erased their heavy losses on Friday.
Developments in U.S.-China trade talks would be another
factor to watch, analysts said.
In a note to clients, Greg McKenna, strategist, trader and
founder at McKenna Macro, pointed to comments on the weekend
"that China was not going to go quietly into the night and
accept U.S. enforcement regimes, U.S. attacks on its structural
Financials weighed on the benchmark after CEOs from
several major banks faced questions about misconduct in the
sector during a parliamentary committee hearing on Friday.
The Big Four banks gave up between 0.1 percent and 0.4
percent while the sub-index lost 0.3 percent.
Mining stocks were down 0.2 percent, bruised by weak
copper prices on Friday after major consumer China released
trade data that dented demand expectations for base metals.
Mining majors BHP Group and Rio Tinto
slipped 1 percent and 0.3 percent respectively.
Gold miner Newcrest Mining Ltd agreed to buy a
copper and gold mine in Canada for $806.5 million and said the
Australian firm was open to more deals.
Newcrest shares rose 3.1 percent on the news, also helped by
stronger gold prices as the sub-index headed for its fourth
straight positive session.
Across the Tasman Sea, weaker New Zealand stocks
were led by financial and utility stocks.
The benchmark S&P/NZX 50 index was 0.2 percent
lower, or 147.8 points, to 9,422.47.
Fletcher Building was down 2.9 percent, its worst
performance in more than two months.
(Reporting by Devika Syamnath in Bengaluru; editing by Darren
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