Australian, NZ shares slip

SYDNEY/WELLINGTON: Australian shares snapped a seven-day rally on Thursday, with all major sectors trading in the red, as a fall in global equities overnight coupled with geopolitical tensions with China weighed on sentiment. The S&P/ASX 200 index fell 0.7% to close at 6,683.1, after adding nearly 5% in the last seven sessions.

Tensions between Australia and China escalated further after Beijing said it would temporarily impose anti-subsidy fees on some Australian wine imports from Dec. 11. Meanwhile, sources said Australia was seeking to boost demand for its cotton from countries such as Vietnam as tensions with China threaten to leave Canberra with large stockpiles.

Troubled winemaker Treasury Wine Estates fell over 2%. Among the sectors, gold stocks fell the most, losing nearly 4% following a steep sell-off in bullion prices. New Zealand's benchmark S&P/NZX 50 index fell 0.2% following three straight sessions of gains.