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Australian stocks slumped Wednesday, in step with losses overnight on Wall Street and in the region fueled by worries that central banks won't provide more economic stimulus. The S&P/ASX 200 missed 0.8% to 4,721.40, but an intraday low at 4,717.40 marked a 10% decline since the benchmark's most recent high on May 15, which is considered a technical correction. Banking stocks dropped on Wednesday, with Westpac Banking Corp. pacing decliners with a 2% fall. Mining stocks were also lower as commodity prices declined, with BHP Billiton Ltd. down by 0.3%. Shares of Newcrest Mining Ltd. tumbled 1% as the gold producer told Australia's securities exchange that it didn't break any share-listing rules related to the timing of the company's recent restructuring announcement.