Australian shares fell 1.5 percent on Tuesday, the biggest one-day loss since July 23, with miners and banks dented further in the afternoon session as investors become increasingly concerned about the euro zone debt crisis and fiscal woes in the United States.
The benchmark S&P/ASX 200 index lost 68.2 points to 4,379.8 and hit a seven-week low. It slipped 0.3 percent on Monday. Despite a 4-month high in iron ore prices, top miner BHP Billiton Ltd declined 1.6 percent and Rio Tinto Ltd was down 1.7 percent. Rare earth firm Lynas Corp sank a further 9.0 percent following the previous session's fall, after it reopened after a capital raising to fund its Malaysian plant. The banking sector also dropped broadly, led by No 3 lender Westpac Banking Corp, which retreated 2.2 percent. New Zealand's benchmark NZX 50 index eased 0.3 percent to 3,970.6.
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