(Reuters) - Australian shares were set to decline on Wednesday as an extended fall in financial stocks could weigh on sentiment.
Financial stocks staged a reversal to fall 0.4 percent late in Tuesday's session after the federal government said it would no longer seek to abolish hidden commission payments to home loan brokers by banks, reversing a key recommendation from an inquiry into the sector and potentially placing banks in the political spotlight.
However, commodity stocks could help brace against weakness, boosted by underlying strength in base metal and oil prices. [MET/L] [O/R]
The local share price index futures were 0.1 percent, or 9 points lower to 6,164, a 10.8-point discount to the underlying S&P/ASX 200 index close. The benchmark ended 0.1 percent lower on Tuesday.
New Zealand's benchmark S&P/NZX 50 index was unchanged in early trade.
(Reporting by Devika Syamnath in Bengaluru; Editing by Cynthia Osterman)
