25.06.201304:32:54UTC+00Aussie stocks drop as China worries hover

Australian stocks pulled back Tuesday, with declines taking hold after a steep decline in the previous session triggered by worries about a credit crunch in China, the nation's biggest trading partner. The S&P/ASX 200 retreated 0.2% at 4,661.60, though banking stocks held to small gains. Australia & New Zealand Banking Group shares advanced 0.5% and Commonwealth Bank of Australia inched up by 0.5%. Concerns about economic growth in China weighed on mining stocks, with Rio Tinto Ltd. decline 1.6% and BHP Billiton Ltd. missed 1.2%. But shares of iron-ore producer Fortescue Metals Group Ltd. notched a 1.7% bolster, touching for their first gain in four sessions. The S&P/ASX 200 benchmark now stands about 0.2% higher for the year, nearly giving up its gain for 2013.