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ASX 200 snaps three-day winning streak
Mining stocks at over 1-month low
IT stocks hit record high
By Sneha Kumar
Nov 11 (Reuters) - Australian shares snapped a three-session winning streak to decline on Monday, weighed down by miners as iron ore prices faltered on bleak economic outlook in China.
The S&P/ASX 200 benchmark index .AXJO closed 0.4% lower at 8,266.2 points. The benchmark had added more than 2% last week.
"While the afterglow of Trump's victory lingers, traders have shifted their focus to another major uncertainty in the global economy," said Hebe Chen, market analyst at IG.
"Not only has China's recent stimulus package fallen short of investor expectations, but the weekend's fresh disappointments from the inflation report and FDI data have also reinforced the view that China is still far from stabilizing its beleaguered economy."
An economic slowdown or standstill in Australia's biggest trading partner China spells trouble for Australian miners, who are heavily dependent on selling to China.
Local miners .AXMM shed more than 3% to hit their lowest since late September, tracking a decline in iron ore prices. IRONORE/
BHP BHP.AX lost 4.1%, Rio Tinto RIO.AX slipped 3.1% and Fortescue FMG.AX shed 7.3%.
Following Friday's rally in U.S. stocks, Australian tech stocks .AXIJ soared to a record high on gaining 1.4%.
The biggest IT stocks Xero XRO.AX and WiseTech Global WTC.AX climbed 1.7% and 2.2%, respectively.
Financials .AXFJ rose 0.2%, with three of the "Big Four" banks were in the green. Westpac WBC.AX lost 0.4%.
Energy stocks .AXEJ dropped 0.7% after oil prices retreated on easing U.S. supply disruption threats and disappointing Chinese stimulus. O/R
Gold stocks .AXGD slipped 0.5% as bullion prices extended declines. GOL/
In corporate news, Resolute Mining RSG.AX tanked 32.8% to its lowest level in nearly 6 months after its Chief Terence Holohan and two other employees were detained by government officials in Mali.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.7% to 12,686.33 points.
(Reporting by Sneha Kumar in Bengaluru; Editing by Sumana Nandy)
((sneha.kumar@thomsonreuters.com))
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