Australian shares lower

Australian shares closed lower on Thursday, hurt by losses in heavyweight miners and banks, as sentiment took a hit on fears of Chinese restrictions on the country's iron ore exports and a bleak forecast about bank loan defaults.

The S&P/ASX 200 index ended 0.41% lower at to 5,550.4. Among sectors, the mining index fell for a second consecutive session. Global miners Rio Tinto and BHP Group lost 1% and 0.6%, respectively, while iron ore giant Fortescue Metals Group dropped over 2%.

Financials stocks snapped two sessions of gains, with the "big four" banks shedding between 0.5% and 1.7%. Gold stocks were also lower as bullion prices fell, with Newcrest Mining falling 1%. New Zealand's benchmark S&P/NZX 50 index ended 0.5% lower, dragged lower by financials.