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Australia: Shares dip as Trump fans trade talk uncertainty; NZ up
[SYDNEY] Australian shares slipped on Tuesday, with the financial sector leading losses, as appetite for riskier assets waned following US President Donald Trump's comments over the weekend on the pace of trade negotiations with China.
The S&P/ASX 200 index ended down 0.3 per cent, or 19.5 point, to 6,753.00. The benchmark rose 0.7 per cent on Monday to a more than three-month closing high.
On Saturday, Mr Trump said trade talks with China had moved at a slower pace than expected and that there had been incorrect reporting about US willingness to lift tariffs, which also dampened sentiment in Wall Street overnight.
The focus on trade talks led domestic markets to shrug off positive growth figures from a closely watched measure of Australian business conditions, which edged higher in October.
The financial sub-index, which comprises the lion's share in the Australian benchmark, ended 0.5 per cent lower, with two of the 'Big Four' banks closing the session in negative territory.
New Zealand's benchmark S&P/NZX 50 index edged marginally higher to close the session at 10,926.31, ahead of a central bank policy meeting on Nov 13 over interest rates.
Most economists are expecting New Zealand's central bank to cut rates to a record low at its last monetary policy decision of the year on Wednesday, after the bank signaled in recent months it was willing to ramp up stimulus if necessary to combat slowing economic conditions.