Banking heavyweights take shine off local bourse
The S&P/ASX200 had sunk 63.5 points, or 0.7 per cent, to 8817.3 at lunchtime on Wednesday, as the broader All Ordinaries had lost 56.5 points, or 0.6 per cent, to 9093.8.
Shares in Australia's biggest bank, which many analysts consider overvalued, were tracking 5.6 per cent lower mid-session despite lodging a healthy $10 billion full-year cash profit.
The other three big banks were also lower, dragging the broader market down despite gains across six of 11 sectors.
NAB shares had fallen 2.6 per cent and Westpac had declined 2.2 per cent, while ANZ had lost a more modest 0.8 per cent.
Investors were also digesting fresh numbers on wages, with the 3.4 per cent annual growth recorded by the Australian Bureau of Statistics coming in above expectations.
It follows the the Reserve Bank of Australia's decision to cut interest rates on Tuesday, a widely expected move that is anticipated to be followed up with further easing if key economic data unfolds in line with the central bank's expectations.
Wall Street had a better session after US inflation figures came in healthier than expected, a hopeful sign businesses are not yet passing through full tariff pressures to consumers.
The US-China trade truce also got another 90-day extension.
Australian miners were trending higher at noon, with BHP up 1.1 per cent at midday, Rio Tinto tracking 0.5 per cent higher and Fortescue gaining one per cent.
Evolution Mining stocks had moved 4.2 per cent after the gold miner's record profit was nearly double the year before, results buoyed by high prices of the precious metal.
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