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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. Australian shares fell 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 closed 0.7% down at 5,235.60 points. The S&P/ASX 200 closed down 0.7% 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 1.6%. The country's four biggest lenders - Commonwealth Bank of Australia, Westpac, ANZ and National Australia Bank - all lost ground, losing as much as 1.6%.
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. The so-called '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.
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. On Tuesday, the Australian government accepted most of the key recommendations of an 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 0.4% to close at 18,207.15 points. In Japan, the Nikkei 225 moved 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 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. Its shares lost 3.4% after US regulators signalled they would expand the massive recall that has already affected more than 19 million vehicles in America.
South Korea's benchmark Kospi followed the Japanese lead and the index closed 0.5% up at 2,039.36 points. South Korea's benchmark Kospi followed the Japanese lead, closing up 0.5% at 2,039.36 points.
Exporters like the car manufacturers Kia and Hyundai both saw solid gains thanks to a weaker won currency. Exporters like car manufacturers Kia and Hyundai both saw solid gains thanks to a weaker won currency.
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. China's benchmark index, the Shanghai Composite, recovered Monday's losses after weaker third-quarter growth data had pushed shares lower the previous day.
The index was 0.5% up at 3,403.30 in afternoon trade. The mainland index closed up at 1.14% at 3,425.33 points.
In Hong Kong, though, the Hang Seng continued its losses, shedding 0.8% to 22,893.82 points. In Hong Kong, though, the Hang Seng continued its losses, closing down 0.37% at 22,989.22 points.