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Australian shares lower on new banking regulations Australian shares lower on new banking regulations
(about 4 hours later)
Australian shares were trading lower on Tuesday after the government unveiled a set of tough new banking regulations.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 S&P/ASX 200 closed 0.7% down at 5,235.60 points.
The country's four biggest banks - CBA, Westpac, ANZ and National Australia bank - all lost ground, shedding as much as 1.5%. The country's four biggest banks - CBA, Westpac, ANZ and National Australia bank - all lost ground, shedding as much as 1.6%.
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. The "big four" hold a combined market share of more than 80% and have already raised more than 20bn Australian dollars (£9.4bn; $14.5bn) 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. On Tuesday, Australia 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 recallUS widens Takata recall
In Japan, the Nikkei 225 traded slightly higher, gaining 0.2% to 18,158.12 points. In Japan, the Nikkei 225 traded slightly higher, gaining 0.4% to close at 18,207.15 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 3.4% 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. South Korea's benchmark Kospi followed the Japanese lead and the index closed 0.5% up at 2,039.36 points.
The index traded 0.4% down at 3,371.64. Exporters like the car manufacturers Kia and Hyundai both saw solid gains thanks to a weaker won currency.
In Hong Kong, the Hang Seng fell slightly further by 0.6% to 22,940.63 points. China's benchmark index, the Shanghai Composite recovered Monday's losses after weaker third-quarter growth data had sent the shares into negative territory the previous day.
South Korea's benchmark Kospi index remained largely flat in morning trade. The index was 0.5% up at 3,403.30 in afternoon trade.
In Hong Kong, though, the Hang Seng continued its losses, shedding 0.8% to 22,893.82 points.