Australian shares ended Tuesday just a shade lower, recouping some early losses after positive remarks on the economy from the Reserve Bank of Australia offset risk aversion. The S&P/ASX 200 index slipped 19.5 points or 0.37 percent to 5,326.2 at the close of trade.
In the minutes of its November policy meeting, Australia's central bank said it expects core inflation to pick up gradually amid surging prices for key commodity exports and an economy running near potential, implying it might be done cutting interest rates this cycle. Foreign exchange services provider OFX Group was the biggest loser, plunging as much as 17.3 pct after it slashed its earnings outlook. BHP Billiton lost 1.1 percent after iron ore futures in Asia saw a sharp drop on Tuesday. South 32 Ltd and Fortescue Metals followed its lead.
New Zealand's benchmark S&P/NZX 50 index climbed 0.48 percent or 32.67 points to finish the session at 6,770.4. Dairy giant Fonterra rose half a percent, despite Monday's devastating earthquake and aftershocks, which left some farms without power, forcing them to dump milk.
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