Australia: Financial stocks weigh on shares as Ukraine crisis worsens

[BENGALURU] Australian shares fell on Wednesday, with financial stocks leading the decline, as markets tracked a slide in global markets after the Russia-Ukraine crisis worsened.

The S&P/ASX 200 index was down 0.6 per cent at 7,055.5 by 2347 GMT. The benchmark had gained 0.7 per cent on Tuesday.

Global markets tumbled as investors worried about escalating tensions after Russia bombed a TV tower in Ukraine's capital on Tuesday and rained rockets on the city of Kharkiv as Moscow intensified its bombardment of Ukrainian urban areas.

In Australia, financial stocks dropped 1.8 per cent, with the "Big Four" banks retreating between 1.5 per cent and 2.2 per cent.

Australia's fourth-quarter GDP data is due on Wednesday, with a Reuters poll showing a 3.7 per cent year-on-year growth, marginally down from 3.9 per cent growth seen in the prior quarter.

Miners were biggest gainers on the index, rising 2.3 per cent after iron ore futures surged to two-week highs on Tuesday.

Sector majors BHP Group and Rio Tinto jumped 2.5 per cent and 3.1 per cent, respectively.

Energy stocks advanced 1.6 per cent after oil prices surged to their highest since 2014 on Tuesday on fears of supply disruptions.

Heavyweights Woodside Petroleum and Santos rose 2.6 per cent and 3 per cent, respectively.

Gold stocks also gained 1.6 per cent

Shares of Core Lithium surged 12.7 per cent after the company said it entered into an agreement with Tesla Inc to supply the US electric-car maker with lithium spodumene.

New Zealand's benchmark S&P/NZX 50 index fell 0.4 per cent to 12,154.91. REUTERS