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Australian banks' shares trade higher outpacing market China shares flat as growth worries linger
(about 5 hours later)
Shares from the banking sector in Australia have traded higher, outpacing the broader market. Shares in China traded flat as worries about global growth prospects continued to worry investors.
National Australia Bank (NAB) saw shares climb to a 6-week high, up by 3.11%. Growth in Chinese business activity softened slightly in April, according to a private survey, raising further questions over the economy's strength.
China's Shanghai Composite index was up slightly at 2,995.41 in afternoon trade.
In Hong Kong, the Hang Seng index was down 24.35 points, or 0.1%, at 20,501.48.
Trading has remained subdued with markets in Japan shut for three days of national holidays. Japan's market will re-open on Friday.
Markets in South Korea have shut for a long weekend from Thursday, and trading there will resume on Monday.
In Australia, bank shares outpaced the broader market. National Australia Bank (NAB) saw its shares climb to a six-week intra-day high and closed up 2.05%.
The country's biggest lender said its cash profit for the six months to March rose 6.5% to A$3.31bn ($2.47bn; £1.69bn).The country's biggest lender said its cash profit for the six months to March rose 6.5% to A$3.31bn ($2.47bn; £1.69bn).
As for the benchmark index, the S&P ASX 200 was flat during the morning session, at 5,276.70 points. Shares in NAB's rivals - Westpac and ANZ Bank also closed higher.
Shares of NAB's rivals - Westpac and ANZ Bank have also traded higher, up by more than 3%. The benchmark S&P ASX 200 share index edged up 0.1% to 5,279.06.
Many of the banks in Australia have decided to pass on the latest rate cut by the central bank, in full.Many of the banks in Australia have decided to pass on the latest rate cut by the central bank, in full.
On Tuesday the Reserve Bank of Australia trimmed its key lending rate to a record low of 1.75%, citing lower-than-expected inflationary pressures. On Tuesday, the Reserve Bank of Australia trimmed its key lending rate to a record low of 1.75%, citing lower-than-expected inflationary pressures for the move.
Meanwhile other Asian markets have traded lower on Thursday, tracking losses from the US and Europe.
Over in Hong Kong the Hang Seng index has opened lower by 0.79% - or 161.97 points - to 20,363.86.
On the mainland the Shanghai composite index was also flat at the open, at 2,987.02.
US markets closed lower for a second day after a private sector report showed weakness in the labour market in the month of April.
Markets in South Korea have shut for a long weekend from Thursday, and trading there will resume on Monday 9 May.
And markets in Japan are shut for three days of national holidays and will re-open on Friday.