Australia: Shares tumble on Westpac breach, Sino-US trade rhetoric

The S&P/ASX 200 index was down 1.4 per cent at 6,722.40 at the close of trade.[SYDNEY] Australian shares ended nearly 1.5 per cent lower on Wednesday, dented by losses in financials, and as US President Donald Trump's reluctance to roll back tariffs on Chinese imports dampened hopes of a trade deal between both the major economies.

The S&P/ASX 200 index was down 1.4 per cent at 6,722.40 at the close of trade. The benchmark ended 0.7 per cent firmer on Tuesday. Financial stocks, the benchmark's largest component, closed nearly 2.2 per cent lower, with second-biggest lender Westpac Banking Corp weighing heavily after regulators accused the bank of serious breaches of anti-money laundering rules.sentifi.com"Twenty-three million counts of breaches is clearly a significant number ...

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