SYDNEY — Australian shares fell on Wednesday afternoon, with the country's major banks leading losses after a sell-off in U.S. bank stocks overnight, while mining giant Glencore made its debut on the Australian Securities Exchange.

The S&P/ASX 200 was down 59.1 points, or 0.67%, at 8,724.8 as of 3:15 p.m. Sydney time, putting the benchmark on track to snap a three-day winning streak.

The index had fallen further earlier in the session. By midday, it was down 75.3 points, or 0.84%, at 8,709.9, while the broader All Ordinaries had lost 71 points, or 0.8%, to 8,850.5. The market recovered some ground in afternoon trading but remained firmly lower.

The index closed Tuesday at 8,783.9, up just 0.7 of a point. Futures had pointed to a weaker open after a poor session on Wall Street.

Banks drag the market

The heavyweight financials sector fell almost 2% by midday, more than wiping out its gains from the previous session. The decline followed a sell-off in U.S. bank stocks after Citigroup and Goldman Sachs fell overnight, even though both beat third-quarter profit forecasts.

Big U.S. banks kicked off the third-quarter earnings season on Tuesday. JPMorgan Chase missed analyst expectations, while results from other lenders were mixed.

Because banks make up a large share of the Australian........

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