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Australia: Shares erase some losses as rate cut hopes ease resources pain

[SYDNEY] Australian shares clawed back hefty early losses on Wednesday as growing expectations of a second 2015 rate cut generated support even as resources stocks followed key commodity prices lower.

After falling more than 1 per cent at the start of trading, the S&P/ASX 200 index partially recovered to close down 0.5 per cent or 31.0 points at 5793.2. The index has fallen in five of the past seven sessions and lost more than 3 per cent over the same period.

New Zealand's benchmark NZX 50 index fell 25.7 points or 0.5 per cent to finish the session at 5862.0.