2013.06.1702:25:19UTC+00Aussie stocks starting the week on the downside

Australian stocks dive down on Monday trading action, a cautious start ahead of a financial policy update from the Federal Reserve and minutes from Australia's central bank most recent meeting due this week. The S&P/ASX 200 gave up 0.7% to 4,756.30 as mining, banking and energy issues pulled back. The benchmark on Friday improves 2%, the strongest percentage gain since early January 2012. Shares of Fortescue Metals Group Ltd. retreated 2%, though iron ore prices saw gains, and shares of BHP Billiton Ltd. surrendered 1.7%. Westpac Banking Corp. shares were down 1.3% and Commonwealth Bank of Australia shares moved 0.7% lesser.