ASX 200 posts worst day in over two weeks Mining stocks lead...

	  ASX 200 posts worst day in over two weeks 

	  Mining stocks lead losses 

	  Powell due to begin his testimony before Congress at 1400 

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Australian shares fell on Wednesday with mining stocks leading declines, as weak stimulus measures from China dented sentiment, while investors awaited U.S. Federal Reserve Chair Jerome Powell's testimony.

The S&P/ASX 200 index (xjo) broke a 7-day gaining streak and closed 0.6% lower at 7,314.90, posting its biggest daily percentage loss since June 6. The benchmark rose 0.9% on Tuesday.

Investors remained wary ahead of Powell's congressional testimony on Wednesday and Thursday. Market participants will be looking out for the U.S. central bank's thinking on need for further policy tightening amid hawkish remarks from policymakers.

"Market is weighed down by strong U.S. housing data last night as well as concerns of the China growth story, our biggest trading partner," said Damian Rooney, director of equity sales at Argonaut.

In Sydney, heavyweight mining stocks .AXMM slumped 1.1%, tracking a slump in iron ore due to uncertainty around top steel producer China's support for its faltering economic recovery.

Sector majors Rio Tinto (RIO) fell 1.4% and BHP Group (BHP) dropped 1.1%.

Fortescue Metals (FMG) said on Executive Chairman Andrew Forrest had transferred ownership worth about A$5 billion ($3.39 billion) in the company to his Minderoo Foundation. Its shares fell 1.7%.

Banking stocks .AXFJ dipped 0.4%, with Westpac Banking Corp (WBC) and ANZ Group Holdings (ANZ) dropping 1% and 0.5% respectively.

Gold stocks .AXGD followed suit to fall 1.9% and were set for their worst day in four weeks. Newcrest Mining (NCM) and Northern Star Resources (NST) slipped 1.2% and 2.3%, respectively.

Meanwhile, TPG Telecom (TPG) tumbled 5.4% and was among the top losers on the benchmark index after the Australian Competition Tribunal upheld a decision to block an asset transfer deal between the wireless internet firm and Telstra Group (TLS) .

New Zealand's benchmark S&P/NZX 50 index (nz50) slid 0.1% to finish at 11,776.25 points.