SYDNEY, July 6 (Reuters) - Australian and New Zealand shares fell on Wednesday, along with many regional markets, as fears over instability in the European Union flared up.
Australia's S&P/ASX 200 index .AXJO had shed 1.1 percent, or 59.2 points, to 5,168.8 by 0416 GMT. The benchmark fell as far as 5,148.7 earlier, reaching a near one-week low.
New Zealand's S&P/NZX 50 index .NZ50 eased 0.1 percent, or 7.0 points, to 6,964.0, having erased early gains.
Losses in Australia were broad based with the big four banks all in the red, led by a 2.9 percent fall for Australia and New Zealand Banking Group ANZ.AX .
The major miners were also under pressure with BHP Billiton (LON:BLT) BHP.AX and Rio Tinto (LON:RIO) RIO.AX down between 2 and 4 percent.
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Dealers said accumulated negative factors were behind the moves, including the suspension of three British commercial property funds worth about 10 billion pounds as asset prices plunged following Britain's shock June 23 vote to exit the European Union.
A tumble in Italy's bank shares on Tuesday also spooked investors. continue to rise about post-Brexit Europe with the focus increasingly turning to the non-performing loan time bomb sitting under Italian banks," said Angus Nicholson, market analyst at IG.