News: XIJ Miners, financials drag Australian shares lower

	  Miners at 2-month low 

	  NAB hits 22-month high 

	  Tech stocks at 2-year high 

Australian shares extended losses to end lower on Wednesday, as domestic mining stocks fell on concerns around demand in top-consumer China and financials weighed, while investor focus turned to corporate earnings in full-swing.

The S&P/ASX 200 benchmark index (xjo) closed 0.7% lower at 7,608.4 points after touching a low of 1% earlier in the session.

Miners on the resource-heavy bourse lost nearly 2% in value, touching a two month low after a softer-than-expected economic recovery in China pushed down metals and iron ore prices.

Australia is heavily reliant on China for two-way trades in not only commodities exchanged in the mining sector, but also for products and services, making up close to one-third of international trade, as per the Australian Department of Foreign Affairs and Trade.

Miner Rio Tinto (RIO) closed 1.8% lower. The company flagged higher costs in 2024 after the market closed, even as its full-year profit met analysts' expectations.

Meanwhile, the country's annual wage growth data came in stronger than expected, indicative of the Reserve Bank of Australia's (RBA) rate hike trajectory.

"Wage data shows that the RBA may not be quiet as dovish as some thought," said Henry Jennings, senior analyst at Marcus Today.

Financials .AXFJ dropped 0.7%, with the Commonwealth Bank of Australia (CBA) losing 2%.

National Australia Bank (NAB) , on the other hand, ended at a nearly two-year high after the top business lender's first-half cash profit beat market estimates.

Energy stocks .AXEJ shed 0.4% as Santos (STO) dipped 0.8% after missing its annual profit estimates.

Bucking the trend, tech stocks .AXIJ ended 2.2% higher to hit a two-year high, with Wisetech Global (WTC) jumping 11.2% to record high on improved earnings.

Corporate Travel Management (CTD) was the top loser on the benchmark, plunging 20.2% in its worst session since March 2020 after its full-year forecast was downgraded.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.2% to 11,590.47 points.