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Australian shares lower on new banking regulations | Australian shares lower on new banking regulations |
(about 2 hours later) | |
Australian shares were trading lower on Tuesday after the government unveiled a set of tough new banking regulations. | |
The measures follow an inquiry and are aimed at boosting competition and ensuring stronger capital reserves. | The measures follow an inquiry and are aimed at boosting competition and ensuring stronger capital reserves. |
The S&P/ASX 200 fell by 0.5% to 5,245.60 points in morning trade. | |
The country's four biggest banks - CBA, Westpac, ANZ and National Australia bank - all lost ground, shedding as much as 1.5%. | |
The "big four" hold a combined market share of more than 80% and have already raised more than A$20bn but will need to set aside a similar amount over the next two to three years, analysts estimate. | |
Australia on Tuesday accepted most of the key recommendations of a government-backed inquiry that called for more competition and stronger capital reserves for the nation's four major banks. | Australia on Tuesday accepted most of the key recommendations of a government-backed inquiry that called for more competition and stronger capital reserves for the nation's four major banks. |
US widens Takata recall | |
In Japan, the Nikkei 225 traded slightly higher, gaining 0.2% to 18,158.12 points. | |
One big faller on the Japanese market was Takata, the company at the heart of a global scandal over faulty airbags. | One big faller on the Japanese market was Takata, the company at the heart of a global scandal over faulty airbags. |
Its shares lost more than 4% on the news that US regulators signalled they would expand the massive Takata recall that already affects more than 19 million vehicles in America. | Its shares lost more than 4% on the news that US regulators signalled they would expand the massive Takata recall that already affects more than 19 million vehicles in America. |
China's benchmark index, the Shanghai Composite continued into negative territory after yesterday's third quarter growth data came in below the government target. | |
The index traded 0.4% down at 3,371.64. | |
In Hong Kong, the Hang Seng fell slightly further by 0.6% to 22,940.63 points. | |
South Korea's benchmark Kospi index remained largely flat in morning trade. |