Australian shares retreat

Australian shares pulled back from 14-month highs on Wednesday as lower growth forecasts for China and other regional economies by the International Monetary Fund wiped off gains made by miners on higher iron ore prices. The benchmark S&P/ASX 200 index lost 0.3 percent to close at 4,490.7 points, according to the latest available data. On Tuesday, the index gained 0.5 percent. Miners and BHP Billiton and Rio Tinto both ended a touch higher.
New Zealand's benchmark NZX 50 index fell 0.5 percent to 3,888.1. New Zealand's budget deficit improvement fell short of forecasts, underscoring the government's challenge of returning to surplus in three years. Gold producer Newcrest Mining fell 1.3 percent to A$28.12. Woodside Petroleum rose 1.6 percent to A$34.10 after oil prices rose offshore.