* Market dented as free-trade advocate Gary Cohn resigns
* Financials, materials lead losses
March 7 (Reuters) - Australian shares fell on Wednesday asfears of a global trade war resurfaced after free-trade advocateGary Cohn resigned as U.S. President Donald Trump's top economicadviser.
Sentiment was further soured after data revealed thatAustralia's economy grew more slower than expected during lastquarter. S&P/ASX 200 index .AXJO dropped 1.01 pct, or 60.4points, to 5,902.0 at the close of trade. On Tuesday, thebenchmark rose more than 1 percent.
Markets were rattled by growing fears of a global trade warfollowing Cohn's resignation. He chose to resign after he lost afight over Trump's plans for hefty steel and aluminum importtariffs. gross domestic product rose 0.4 percent in theDecember quarter, while analysts had looked for an advance ofaround 0.5 percent despite trimming expectations following softindicators such as low wage growth and consumption.
Reserve Bank of Australia (RBA) Governor Philip Loweexpressed concern over the U.S. tariff proposal. Australiadepends largely on the export of raw materials, and heftiertariffs on such could damage the economy. stocks .AXFJ were the biggest drag on thebenchmark, ending 0.4 percent lower with the 'Big Four' bankslosing between 0.7 percent to 1.6 percent.
Westpac Banking Corp WBC.AX was the biggest drag on theASX 200, pulling it back about 6 points.
Commonwealth Bank of Australia CBA.AX on Wednesdayannounced it expects to raise $586.7 million through an issue ofhybrid capital notes called 'PERLS X'. Its share-price declinedabout 0.7 percent for the day. stocks also fell, with the sector index .AXMM down 0.8 percent as commodity prices lost ground.
Price of most metals slipped on Wednesday on heightenedfears of a trade war that could derail global growth. MET/L
The New Zealand benchmark index .NZ50 also fell 0.52percent, or 43.32 points, to 8,284.340 as healthcare andconsumer staples stocks weighed down the market.
Fisher & Paykel Healthcare Corporation Ltd FPH.NZ ended3.28 percent lower, while A2 Milk Company Ltd ATM.NZ shed 1.5percent, declining for a fifth straight session.