AU Evening Wrap: Australia Shares Close 0.2% Lower, Dragged by Banks

Australia's $S&P/ASX 200(.XJO.AU)$ closed 0.2% lower at 7713.6, with bank stocks proving a drag as the Reserve Bank of Australia appeared to be holding back on offering meaningful guidance to markets on the direction of interest rates. The ASX 200 is down 1.7% so far this week.

Financials were one of the biggest drags on the benchmark, with the sector dropping 1.9%. The major lenders fell between 1.1% and 3.8%, with $ANZ Group Holdings Ltd(ANZ.AU)$ and $Westpac Banking Corp(WBC.AU)$ dropping by the most. $Macquarie Group Ltd(MQG.AU)$ shed 1.1%, while regional lenders $Bendigo and Adelaide Bank Ltd(BEN.AU)$ and $Bank of Queensland Ltd(BOQ.AU)$ lost 1.5% each.

Australia-focused insurers $Insurance Australia Group Ltd(IAG.AU)$ and $Suncorp Group Ltd(SUN.AU)$ finished the day in the green, rising 1.0% and 0.3%, respectively.