2013.06.0505:50:43UTC+00Australia stocks back down as miners, banks decline

Stocks in Australia slumped in Wednesday action, with the benchmark following overnight losses on Wall Street stemming from concerns about possible tapering of assets purchases by the Federal Reserve. The S&P/ASX 200 missed 0.6%, halving the advance on Tuesday after the Reserve Bank of Australia held its key interest rate at 2.75%. Banking stocks were weak Wednesday, with Commonwealth Bank of Australia off track 0.7%, and Westpac Banking Corp. traded 0.8% lesser. Shares of Fortescue Metals Group Ltd. were standout winners, bolstering 1.7% after a surge in iron ore prices. But other mining stocks struggled, including those of gold producer Newcrest Mining Ltd. as they diminish 3.7%. Later Wednesday, investors will receive a report on Australia's first-quarter gross domestic product. Analysts polled by FactSet expect seasonally adjusted growth of 0.7%. The Australian dollar purchased 96.40 U.S. cents, slightly higher than 96.31 U.S. cents late Tuesday in North America.