Banks help Australian share market minimise losses

Despite closing lower, the local bourse was in better shape than Japan's Nikkei, down one per cent, Hong Kong's Hang Seng index, which fell 2.5 per cent and US Nasdaq futures, which were pointing 2.2 per cent lower after the US announced further restrictions on Nvidia microchip sales to China.

Six of 11 local sectors were in the red with energy stocks down 2.6 per cent, but a 0.8 per cent lift in financials helped the bourse narrow its losses elsewhere.

The Australian dollar narrowed losses from an overnight dip to buy 63.52 US cents, down slightly from 63.59 US cents on Tuesday at 5pm.