12.06.201304:50:27UTC+00Aussie stocks dive into correction mode

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.