Updates to close

By Sherin Sunny

Dec 4 (Reuters) - Australian shares ended lower on Wednesday, dragged down by financials as data showed the economy grew less than expected in the third quarter and as investors priced in rate cuts by the Reserve Bank of Australia $(RBA)$ from April.

The S&P/ASX 200 index .AXJO eased 0.4% to 8,462.6 points. The sub-index scaled a lifetime high of 8,514.50 points on Tuesday.

Australia's economy grew by less than expected in the third quarter as data from the Australian Bureau of Statistics showed real gross domestic product $(GDP)$ grew 0.3% in the September quarter, missing market forecasts of 0.4%.

"The weaker-than-expected quarterly GDP figures not only cooled recent stock market optimism, but also brought forward expectations for the RBA's first rate cut from May 2025 to April 2025", said Hebe Chen, a market analyst at IG.

Rate-sensitive banking stocks .AXFJ led losses, closing 0.8% lower. The "Big Four" banks shed between 0.5% and 1.6%.

Bucking the trend, miners .AXMM finished 0.7% higher to its highest closing in over three weeks on lingering optimism surrounding China stimulus. IRONORE/

Heavily-weighted BHP Group BHP.AX, Fortescue FMG.AX and Rio Tinto RIO.AX advanced between 0.7% and 1.4%.

Shares of Lynas Rare Earths LYC.AX ended 5% higher after China banned exports of some critical mineral to the U.S.

Gold miners .AXGD closed 0.9% higher, placing Evolution Mining EVN.AX and ASX-listed shares of Newmont Corporation NEM.AX among top gainers on the benchmark.

New Zealand's benchmark S&P/NZX 50 index .NZ50 closed 1.5% lower at 12,896.67 points, logging losses for a second consecutive session.

(Reporting by Sherin Sunny in Bengaluru; Editing by Sumana Nandy)

((Sherin.Sunny@thomsonreuters.com))

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