Aussie shares dip on US stimulus thoughts

AUSTRALIAN shares have slipped as speculation about a winding back of US stimulus weighed on resource stocks.

Materials stocks were among the worse performers on Tuesday, with the mining giants losing more than the overall market's 0.7 per cent decline.

BHP Billiton lost 50 cents, or 1.35 per cent, to $36.54 as Rio Tinto ditched 63 cents to $59.51.

After the local market closed, BHP announced a 29.5 per cent fall in full-year net profit to $US10.9 billion ($A12.03 billion).

Speculation about a tapering of US Federal Reserve stimulus measures also buffeted Asian equity markets, and caused the Indian rupee to hit an all-time low against the greenback.

"It's a story of emerging market weakness, basically," IG markets strategist Chris Weston said.

The big four banks had mixed fortunes, with National Australia Bank gaining 21 cents to $31.57 after posting a $1.7 billion net profit for the three months to June.

ANZ was also up, adding 12 cents at $29.56, but Commonwealth Bank was down 88 cents at $70.27, and Westpac shed 43 cents at $31.14.

Investors appeared to overlook minutes from the Reserve Bank of Australia's (RBA) August meeting, where members agreed the possibility of closing off more rate cuts should be considered.

"These minutes were stale," Mr Weston said.

Meanwhile, QBE Insurance Group shares lost 93 cents, or 5.46 per cent, to $16.10 after posting a 37 per cent fall in half-year net profit to $US477 million ($A526.29 million), following a fall in demand for US mortgage insurance.

KEY FACTS

* At 1615 AEST on Tuesday, the benchmark S&P/ASX200 index was down 34.3 points, or 0.67 per cent, at 5,078.2 points.

* The broader All Ordinaries index was 33.5 points lower, or 0.66 per cent, at 5,068.8 points.

* The September share price index futures contract was down 30 points at 5058 points, with 24,195 contracts traded.

* The spot price of gold in Sydney finished at $US1358.85, down $US14.45 from $US1373.30 on Monday.

* National turnover was 1.7 billion securities worth $4.5 billion.

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