Australian stocks fell 0.7 per cent on Thursday,dragged down by the top banks and miners as investors turned to defensive stocks after weak housing data stoked concerns about the U.S. economic recovery. The benchmark S&P/ASX 200 index gave up 31.7 points to close at 4,527.3,according to the latest data,reversing most of the previous session's gain. New Zealand's benchmark NZX 50 index also fell 0.7 per cent,closing at 3,045.7.
