Australian shares fall as investors heed bank warnings
By Adrian Black
Australia's share market has closed lower amid warnings the economy could be slowing down. -AAP Image
Australian shares have retreated from near all-time highs, after solid earnings from the Commonwealth Bank couldn't allay broader economic fears.
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The S&P/ASX200 dropped 41.2 points on Wednesday, down 0.45 per cent, to 9,209.4, as the broader All Ordinaries fell 39 points, or 0.41 per cent, to 9,404.7.
Investor confidence wavered as CommBank joined its big four competitors in reporting a sharp slump in mortgage applications, despite handing down an $11 billion full-year profit.Â
The ongoing US-Iran stalemate also weighed on sentiment as oil prices clung to recent gains after fresh attacks on shipping vessels overnight.
The Australian dollar is buying 70.61 US cents, up slightly from 70.52 US cents on Tuesday at 5pm.
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