Australian shares fall, New Zealand hits another record

Australian shares ended a week-long winning streak and fell on Tuesday as investors took profits on banks and miners, while New Zealand shares rose to a new record. The S&P/ASX 200 index fell 34.8 points, or 0.7 percent, to 5,108.0 at the close of trade, its first decline in seven sessions. New Zealand's benchmark S&P/NZX 50 index added 27.8 points, or 0.4 percent, to finish the session at 6,446.7, its fourth day in a row of hitting a record.
Mining company BHP Billiton is poised to open around 5 percent higher, tracking gains in its US ADRs. New Zealand's world's fourth-largest iron ore mining company, Fortescue Metals Group, will be in the frame after its shares shot up 24 percent to a 16-month high on Monday. The company is set to make an announcement early on Tuesday, followed by a media conference.