Australian shares slip off record high on Russia-Ukraine concerns
Banks, energy stocks weigh on benchmark
Miners end lower after three days of gains
Gold stocks at highest level since Nov 11
By Roshan Thomas
Nov 20 (Reuters) -Australian shares pulled back on Wednesday from a record high hit in the last session, as losses in banks eclipsed gains in gold miners, while investors fretted over an escalation in the Ukraine-Russia war and caution set in ahead of Nvidia's results.
The benchmark index S&P/ASX 200 .AXJO closed 0.6% lower at 8,326.3. The index had hit an all-time high of 8,446.40 on Tuesday.
Concerns grew after Ukraine used U.S. missiles to strike Russia and Russia lowered the threshold for a possible nuclear strike.
Market participants were also looking forward to artificial intelligence darling Nvidia's NVDA.O results, due later in the day, for any signs of a slowdown in the AI frenzy.
"The ASX slipped from its all-time high today amid renewed global geopolitical tensions and rising caution ahead of Nvidia's earnings, which usually have a significant impact on the broad market sentiment," said Hebe Chen, market analyst at IG.
Banks .AXFJ, which had gained more than 3% this month by Tuesday's close, dropped 0.4%. Shares of National Australia Bank NAB.AX, Westpac WBC.AX and ANZ Group ANZ.AX fell between 0.5% and 1.1%.
A steady outlook for interest rates by the Reserve Bank of Australia, revealed in the minutes of its latest meeting, has supported the banking index this year.
The sector has gained 33% this year, making it the top performer and heading for its best year since 2009.
Energy stocks .AXEJ fell over 1% after rising for three straight sessions, while miners .AXMM ended 0.2% lower after three days of gains.
Rio Tinto RIO.AX gained 0.2%. A report into the company's culture showed cases of rape and sexual assault persisted two years after the industry faced a state inquiry for its poor treatment of women.
Meanwhile, gold stocks .AXGD rose 0.7% to hit their highest since Nov. 11, as bullion prices gained, with heightened tensions over the Russia-Ukraine war lifting safe-haven demand. GOL/
The New Zealand benchmark S&P/NZX 50 index .NZ50 fell 0.6% to 12,737.06.
Reporting by Roshan Thomas in Bengaluru; Editing by Subhranshu Sahu
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