Australian shares edged 0.3 percent lower on Monday, falling for the third day on concerns over the US fiscal cliff, Greece's debt bailout, and profit warnings from corporates. Top insurer QBE Insurance Group plunged as much as 15 percent to a 10-month low after cutting its full-year profit outlook to reflect catastrophe claims arising from Hurricane Sandy. It ended 8.3 percent lower at A$11.80.
The benchmark S&P/ASX 200 index fell 14 points to 4,448 after falling 0.5 percent on Friday to end the week flat. "Investors remain consumed by US fiscal cliff consequences, and this is capping market enthusiasm, with such a significant obstacle remaining in the path of financial markets," said Tim Waterer, senior trader at CMC Markets.
QBE's announcement followed a profit warning from Origin Energy, while explosives maker Orica reported earnings that missed market forecasts. Origin was 1.3 percent lower and Orica fell 4 percent. New Zealand's benchmark NZX 50 index climbed 0.6 percent to 3,984 points.