Australian shares slip

Australian stocks retreated 0.4 percent on Monday, dragged down by sliding bank shares as investors remain nervous about weak growth across the economy. Turnover was light as investors stayed on the sidelines ahead of public holidays in the US and UK markets. Commonwealth Bank, the nation's largest mortgage lender, was the biggest loser with shares down 1.3 percent at A$50.30.
Among the top miners, firmer copper prices were not enough. Rio eased 0.1 percent to A$80.60, while BHP Billiton lost 0.5 percent to A$43.91. The benchmark S&P/ASX 200 index declined 16.5 points to 4,667.5 on volume around 70 percent of an average day. The benchmark lost 1 percent last week. New Zealand's benchmark NZX 50 index managed to gain 0.4 percent, to 3,542.98.