The local share market has retreated from its record levels, amid global geopolitical turmoil and as new data showed Australia's economic growth continued to slow last quarter.
The benchmark S&P/ASX200 index on Wednesday gave up most of the previous day's gains, falling 32.6 points, or 0.38 per cent, to 8,462.6, while the broader All Ordinaries dropped 26.2 points, or 0.3 per cent, to 8,728.5.
The Australian Bureau of Statistics reported earlier that the nation's gross domestic product rose by 0.3 per cent in the September quarter and 0.8 per cent since September 2023, with household spending flat and public investment up.
Overseas, South Korea President Yoon Suk Yeol was facing calls to resign immediately or face impeachment, hours after Yoon rescinded a shock martial law pronouncement.
In France, the government of centre-right prime minister Michel Barnier was on the brink of collapse after populists from both the left and the right prepared to launch a no-confidence vote in the National Assembly against him.
Closer to home, the Australian Bureau of Statistics released data showing the country's nation's gross domestic product rose by just 0.3 per cent in the September quarter, meaning the economy shrunk on a per-capita basis.
"The data confirms our worst fears of muted economic growth," said Krishna Bhimavarapu, APAC economist at State Street Global Advisors.
"Once again household consumption remained muted while that of the government did the heavy lifting, without which growth would have been deeply negative."
IG market analyst Tony Sycamore said the readout increased brought forward expectations for when the Reserve Bank would begin cutting rates, with markets now predicting a cut in April rather than May.
Currencies are keenly attuned to interest rates and the Australian dollar fell to a near six-month low against its US counterpart after the GDP report.
Eight of the ASX's 11 sectors finished lower, with energy, materials and tech higher.
The property sector, which is also sensitive to interest rates, was the biggest laggard, falling 1.7 per cent.
Goodman Group fell 2.9 per cent, Charter Hall dropped 1.7 per cent and and Dexus retreated 1.0 per cent.
All of the big four banks finished lower, with ANZ and Westpac both dropping 1.6 per cent, to $31.19 and $33.09, respectively, while NAB fell 1.4 per cent to $39.06 and CBA dipped 0.5 per cent to $156.93.
In tech, Bravura Solutions soared 20.9 per cent to a nearly three-year high $2 after the financial services software provider upgraded guidance and promised to recommence paying dividends now that it has returned to profitability.
"This is further confirmation of the execution progress of our strategy to reset and energise the Bravura business," said chief executive Andrew Russell.
In the heavyweight mining sector, BHP rose 1.0 per cent to $41.05, Fortescue grew 1.4 per cent to $19.70 and Rio Tinto added 0.9 per cent to $120.08.
Rare earth miner Lynas climbed 5.0 per cent to a three-week high of $7.32 after China announced a ban on rare mineral exports to the US, retaliation for the Biden administration imposing limits on China's access to advanced American technology.
Junior explorers of antimony - a semi-metal that's used in the electronics industry and is included in China's ban - also posting strong gains, with Felix Gold climbing 23.9 per cent and Critical Resources adding 16.7 per cent.
The Australian dollar meanwhile was trading under 64.50 US cents for the first time since late April, buying 64.38 US cents, from 64.75 US cents at Tuesday's close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday down 32.6 47.3 points, or 0.38 per cent, at 8,462.6
* The broader All Ordinaries dropped 26.2 points, or 0.3 per cent, to 8,728.5
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 64.39 US cents, from 64.75 US cents at Tuesday's ASX close
* 96.67 Japanese yen, from 97.17 Japanese yen
* 61.26 euro cents, from 61.72 euro cents
* 50.77 British pence, from 51.18 pence
* 109.96 NZ cents, from 110.11 NZ cents
