Australia stocks drop 3 pct; miners, banks suffer

Reuters - Tuesday, June 23

SYDNEY, June 23 - Australian stocks fell more than 3 percent on Tuesday to their lowest level in over three weeks as investors fretted about the strength of a world economic recovery, and sold mining stocks such as BHP Billiton <BHP.AX>.

The S&P/ASX 200 index <.AXJO> fell 3.11 percent, or 121.2 points to 3,797.0 by 0216 GMT. Global miner BHP was down 4.1 percent at A$33.81.