Australian, New Zealand shares fall

Australian shares fell on Thursday, pulled down by financials after the government announced a wide-ranging inquiry into the country's banking sector.
The inquiry reverses the government's long-held opposition to such a commission as political pressure mounts following a string of scandals in the sector.
The S&P/ASX 200 index fell 0.6 percent or 37.32 points to 5,973.80 by 0121 GMT. The benchmark rose 0.45 percent on Wednesday and 1.2 percent so far this month, on track for two consecutive months of gains.
Financials accounted for more than half of the losses, with the Australian financial index falling 1 percent to its lowest since Oct. 9. Meanwhile, New Zealand's benchmark S&P/NZX 50 index declined 0.2 percent or 17.26 points to 8,124.70. The benchmark was down 0.3 percent on a monthly basis, on track to snap 10 consecutive months of gains.