Global Market: Australian shares start new financial year lower as banks drag; miners limit losses

Australia's S&P/ASX 200 index closed 0.6% lower at 8,722.90, starting the new financial year on a weak note as financials fell 1.7%, with all Big Four banks trading in the red. The decline was partly driven by data showing Australian home prices posted their steepest monthly fall in three-and-a-half years in June. Miners rose 0.3%, supported by a 9.7% surge in South32 after it agreed to sell most of its aluminium assets to Alcoa for an implied enterprise value of up to $5.6 billion. New Zealand's S&P/NZX 50 index ended flat at 13,610.50.