Australian shares snapped a three-session winning streak on Tuesday, with financials and resources stocks leading broad-based losses as investors were racked by uncertainty over the progress of Sino-US trade talks. The S&P/ASX 200 index fell 0.9 percent or 57.9 points to 6,128.40 at the close of trade, its worst session in nearly two months. The benchmark rose 0.3 percent on Monday. The financial subindex saw its worst session in more than two weeks, shedding about 0.9 percent for the day.
Bourse operator ASX Ltd ended about 3 percent lower after it said it would sell its nearly 19 percent stake in wealth manager IRESS Ltd.
Mining stocks, many of which are heavily reliant on Chinese demand, were also pressured. The mining subindex shed about 1 percent, with heavyweights BHP Group and Rio Tinto ending 1.3 percent and 0.6 percent lower respectively. New Zealand shares edged lower as most financial stocks fell in line with their Australian peers. The benchmark S&P/NZX 50 index fell 0.2 percent or 21.5 points to finish the session at 9,323.13.