AU Evening Wrap: Australia Shares Closes Lower Amid Bank Stock Weakness

Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.1% lower at 7769.7, giving back some of the gains from the previous day. Despite a positive lead by U.S. equities, the benchmark index spent most of the session in the red due to weakness in bank stocks.

Following the central bank's statement of uncertain interest rates due to stubborn inflation, shares of banks and real-estate trusts, which benefit from lower rates, lost ground. $CommBank (CBA.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$, $Westpac Banking Corp (WBC.AU)$ lost between 0.4% and 0.8%, resulting in the financial sector shedding 0.4%. The real-estate sector also lost 0.1%.

After a strategic review, $QBE Insurance Group Ltd (QBE.AU)$ has decided to close its North American middle market segment. For the associated costs, the company will take approximately AU$100 million in restructuring charges in FY24.