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Australia: Shares open 1.41% lower

Australian shares rebounded on Tuesday as investors picked up beaten-down bank stocks, a day after the market suffered its biggest drop in over six years.

[SYDNEY] Australian stocks dropped 1.41 per cent at the open on Tuesday amid growing anxiety about a slowdown in China's economy, but the market held up better than analysts expected.

The benchmark S&P/ASX200 index was 70.4 points lower at 4,930.9 in early trade, having lost 4.09 per cent on Monday.