Australian shares fall on dismal China trade data; NZ inches up
* Financial stocks down 0.9 pct this week
* China iron ore imports fell to 10-yr low in Feb
* Aussie shares gain for 3rd straight week
(Updates to close)
March 8 (Reuters) - Australian shares stumbled 1 percent on
Friday after weak Chinese trade data stoked further fears of
global economic slowdown, while financials led declines as heads
of the country's top banks faced parliamentary questioning.
The S&P/ASX 200 index fell 60.10 points to 6,203.80
at the close of trade. The benchmark rose 0.3 percent on
Adding to concerns about weakness in the global economy
following a warning from the European Central Bank, data from
China showed exports tumbled the most in three years in February
while imports fell for a third straight month.
Mining stocks ended 1.2 percent lower as China's
iron ore imports fell to a 10-month low in February while coal
arrivals for the month nearly halved from January. China is
Australia's largest importer of raw materials.
Global miner BHP Group Ltd slid 1.3 percent, while
peer Rio Tinto Ltd fell 1.6 percent. Iron ore miner
Fortescue Metals Group Ltd dipped 1.5 percent.
Meanwhile, the financial sub-index slumped 1.6
percent and snapped two sessions of weekly gains with a 0.9
Chief executives of Australia's two biggest lenders,
Commonwealth Bank of Australia and Westpac Banking Corp
appeared before the parliament on Friday, in their
first hearing since a Royal Commission inquiry delivered its
final report last month.
A year-long inquiry into widespread misconduct in the
financial sector culminated into a report that listed 76
recommendations to be implemented by lenders.
CBA shares were down 2 percent, while Westpac saw a 1.3
percent fall. The remainder of the "Big Four" banks, Australia
and New Zealand Banking Group and National Australia
Bank Ltd slipped 2.3 percent and 1.1 percent,
Declines in oil prices pushed energy stocks to a
3-week closing low, with the index declining for a second
Woodside Petroleum Ltd and Oil Search Ltd
lost 1.3 percent and 2.2 percent, respectively.
New Zealand's benchmark S&P/NZX 50 index edged up to
finish the session at 9,440.27. The benchmark advanced 1 percent
this week, its fifth straight week of gains.
Dairy products maker a2 Milk Company Ltd added 1.5
percent and Auckland International Airport Ltd rose 0.8
(Reporting by Niyati Shetty in Bengaluru; Editing by Simon
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