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Australia shares a seven day losing streak on rate cuts; NZ increases
* RBA cuts rates to record 0.5%
* Top four banks slide into losses after rate cuts
* The NZ benchmark index is increasing more and more than 3 years (Updates to close)
By Sameer Manekar
March 3 (Reuters) – Australian stocks ended seven-game losing streak to close higher on Tuesday, but gains were capped as the country's top four lenders slipped following a drop central bank rates to cushion the economic impact of the coronavirus epidemic.
The S & P / ASX 200 index finished up 0.7% to 6,435.70 points, after losing 10.8% in the previous seven sessions in its longest losing streak since September 2018.
The Reserve Bank of Australia cut rates to a record low of 0.5%, its fourth decline in less than a year, saying the coronavirus epidemic had a "significant" impact on the epidemic. ;economy.
A drop in follow-up rates in April is the most likely next step for the RBA, said David Plank, director of Australian economics at ANZ Research, in a note.
"It seems more likely that the trend in the impact of the epidemic will become more negative in the short term, as new epidemics spread," he wrote.
The country's “big four” lenders fell after the rate cut, threatening their margins and putting pressure on profits.
The banks – Commonwealth Bank of Australia, Westpac Banking Corp, National Australia Bank and Australia and New Zealand Banking Group – all responded by reducing their variable mortgage rates.
"Although it is the right decision, price changes are becoming more and more difficult as the cash rate heads to zero," Westpac said in a statement.
CBA and Westpac stocks fell nearly 2% of expected gains to finish, while the Australia and New Zealand Banking Group and the National Australia Bank also finished lower.
The losses were offset by a 1.6% gain in the mining sector, as copper and iron ore prices strengthened on hopes for recovery.
Global miners BHP Group Ltd and Rio Tinto Ltd added 1.9% and 2.9% respectively. Fortescue Metals Group climbed 3.3%, compared with a fall of 9% in the previous session.
Healthcare companies, which do most of their business abroad and benefit from a weaker local dollar, finished up 2.5%.
The heavyweight index CSL Ltd and Resmed Inc, based in the United States, increased by 2.3% and 5% respectively.
In New Zealand, the S & P / NZX 50 benchmark rose 2.2% to 11,346.31, marking its largest intraday gain in more than three years.
The stock market had lost 8% in the previous six sessions.
Financial services and utilities were among the main winners, with dairy company a2 Milk Co advancing 2.5% and electricity producer Meridian Energy by 4.6%. (Report by Sameer Manekar in Bengaluru; Edited by Sriraj Kalluvila)
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