The S&P/ASX 200 index ended the day down 0.3 per cent at 5706 points, bringing losses since the start of the week to 0.6 per cent.

Shares slid early in the session after sharp declines on Wall Street on Tuesday night as ongoing tensions over North Korea as well as a strengthening Hurricane Irma sent investors to the exits.

Banks were hit particularly hard in US trade and that selling carried through to the Australian financial sector on Wednesday.

Macquarie shares slid 2.3 per cent, CBA lost 1.2 per cent, and Westpac were down 1.1 per cent. NAB shares declined 0.7 per cent, while ANZ slipped 0.5 per cent.

Insurers dropped as well in a market that struggled to make any headway through the session, with IAG down 3.9 per cent as it traded ex-dividend, Suncorp fell 2.1 per cent after it was cut to underperform at Macquarie and QBE shed 2 per cent.

Perpetual also traded without rights to its latest dividend payout and fell 2.5 per cent, joining a sell-off across the ASX-listed fund managers. Platinum Asset Management dropped 4.3 per cent and BT Investment Management lost 2.6 per cent.

Late Wednesday morning saw the release of Australian gross domestic product data which showed a reading of 0.8 per cent growth for the second quarter and 1.8 per cent on an annual basis, according to the Australian Bureau of Statistics. Both figures came in slightly below economist expectations, although the quarterly growth consensus forecast had been revised up from 0.6 per cent in recent weeks.

Most economists said the GDP readings made little difference to their views of where interest rates are headed, however. "We see little reason for the RBA to shift from the sidelines for the foreseeable future," RBC Capital economists Su-Lin Ong said.

"Households continue to face a number of challenges including a sharp rise in utility prices in the current quarter, the housing construction cycle is contributing less to growth and will eventually drag on activity, and financial conditions continue to tighten."

Miners continued to find favour with investors after an earnings season marked by cash return and capital management plans and South32 rose 2 per cent, while BHP edged up 0.4 per cent.

Energy companies helped to limit downside as well, with Santos up 2.4 per cent and Woodside Petroleum higher by 0.7 per cent after oil prices pushed firmly higher on Tuesday night.

Stock watch

Suncorp

Analysts at Macquarie downgraded Suncorp to 'underperform' from 'neutral', citing expected pressures on the Queensland-based insurer's margins this financial year. "Underlying margins will take a structural step down" as a result of changes to Suncorp's reinsurance arrangements, including an alteration which will see them on the hook for a greater proportion of natural hazard claims. A government mandated reduction to Queensland compulsory third party premiums will also hurt Suncorp's margins, the analysts said. The analysts also have an underperform rating on fellow insurer IAG. Suncorp's gross written premium, or revenue, trajectory is also "strained", the analysts said, as they reduced their 12-month share price target for the stock to $12.70 from $14.50. The shares lost 2.1 per cent on Wednesday to $12.53.

Movers

OJ and Irma

Orange juice futures climbed sharply on Tuesday night as Hurricane Irma, the most powerful storm to form in the open Atlantic Ocean, barrelled toward Puerto Rico. The hurricane's path may bring it ashore in Florida and destroy so much property that damages may surpass Hurricane Katrina. Florida is the world's largest producer of orange juice after Brazil, with most of the state's crop located in the lower two-thirds of the peninsula. Orange juice for November delivery rose 6.2 per cent to $1.45 a pound on ICE Futures US.

Precious gains

The price of gold eased slightly on Wednesday but held around 12-month highs at $US1338.54 as Russian president Vladimir Putin joined China in rejecting US calls for more sanctions on North Korea, and after US central bank officials signalled they aren't in a hurry to raise interest rates. Gold has surged 17 per cent this year as the US dollar has dropped and geopolitical fears have racheted higher. ASX-listed gold miners climbed another xx per cent as a group on Wednesday, bring 2017's gains to 20 per cent.

Aldi 2.0

Morgan Stanley analysts said that updated Aldi stores which "allocate significantly more space to fresh products" - from 15 per cent to 25 per cent - "are proving a game changer". Only 50 of the planned 200 so-called "Aldi 2.0" refurbishments have been completed, and the updated stores have increased sales by an estimated 13-15 per cent, the analysts say. The additional pressure on competitor supermarket analysts said they have gained "greater conviction" in the analysts negative views on Woolworths and Coles-owner Wesfarmers. Woolies shares on Wednesday lost 0.3 per cent to $25.76, while Wesfarmers lost 0.5 per cent to $42.25.

The strong yuan

The People's Bank of China raised the yuan's fixing for an eighth straight day on Wednesday. Stability in the yuan has helped prevent its peers in the region from selling off more sharply on Pyongyang's nuclear provocations and the subsequent fallout, according to NAB. "The yuan's strength occurring at the same time as rising geopolitical tension in the Korean peninsula is a key indication that the Chinese authorities are displaying commitment to maintain financial market stability," said Christy Tan, head of market strategy at NAB in Hong Kong. It's "helping to instil some calm in emerging Asia."