Australian Stocks Retreat on Miners' Weaker Commodity Prices

Australian stocks retreated on Thursday after three consecutive sessions of gains, weighed down by miners that led the decline due to weaker commodity prices. The S&P/ASX 200 index fell 0.5% to 8,991.30 by 0033 GMT following a 1% increase on Wednesday.

The Federal Reserve's decision to maintain interest rates in the 3.50%-3.75% range was largely anticipated, with only three out of 12 members supporting a quarter-percentage-point hike. In Sydney, index heavyweight miners dropped 0.9% due to declining iron ore and copper prices.

BHP and Fortescue fell more than 0.6%, while gold stocks declined 1.1%. Commonwealth Bank of Australia and Westpac rose between 0.2% and 1.3% as financials inched 0.1% higher for a seventh consecutive session.