(Updates with movements in early trade)
SYDNEY, June 24 (Reuters) - Australian shares fell 1.2 percent in early trade on Monday as investors remain concerned about the impact of the Federal Reserve’s plans to taper monetary stimulus and slowing growth in China.
Financials dragged, with top lender Commonwealth Bank of Australia down 1.1 percent and National Australia Bank losing 0.9 percent.
The S&P/ASX 200 index tumbled 55.1 points to 4,683.7 by 0011 GMT. The benchmark fell 1.1 percent last week.
AMP Ltd plunged 8.8 percent after the insurance and wealth management company warned its first-half underlying profit would drop by around 13 percent due to high claims and policy lapses.
The Fed’s plan to cut back on how much cheap money it pumps into the world’s biggest economy has raised concerns about the impact on growth and prompted sharp adjustments in global asset markets.
New Zealand’s benchmark NZX 50 index rose 0.3 percent or 12.1 points to 4,375.2. (Reporting by Thuy Ong; Editing by John Mair)