Slumping bank stocks weigh on Australian shares

Key points

• Australian shares dipped on Wednesday after a sharp sell-off in the major banks. The S&P/ASX200 fell 0.64 per cent to 8727.9, while the All Ordinaries dropped 0.59 per cent to 8869.
• The financials sector tumbled 1.6 per cent as the big four banks lost ground. Investors were unimpressed by earnings from US banks, and a shareholder address from CommBank boss Matt Comyn pointed to several economic headwinds.
• Miners also fell, with gold under pressure and iron ore futures lingering at two-year lows. The Australian dollar rose to 70.02 US cents from 69.77 US cents on Tuesday.