Australian stocks fell to their lowest in nearly two months on Wednesday, with global miner BHP (LSE: BLT.L - news) Billiton down after it announced plans to cut operations and jobs and banks lower on global financial worries. The S&P/ASX 200 index fell 37 points, or 1.1 percent, to 3,440.1 by 0303 GMT, hovering at levels last seen on Nov. 24. New Zealand's benchmark NZX 50 index was off 4.03 points, or 0.1 percent, at 2,705.5. STOCKS ON THE MOVE * Gold miners bucked the downtrend, lifted by gold prices which hit near two-week highs on safe-haven demand amid more turbulence on global equity markets. Newcrest Mining (Berlin: NMA.BE - news) , Australia's largest gold producer, jumped 8.1 percent to A$33, and Lihir Gold (Munich: 897459 - news) climbed 6.2 percent to A$2.91. 0249 GMT * The Australian Securities Exchange Ltd, Asia-Pacific (002790.KS - news) 's second-largest listed stock exchange, fell 6.8 percent to A$26.70, its lowest since Oct. 2005, as traders said its profit outlook was dim given thinning trading volumes amid falling stock markets. 0115 GMT * Bank stocks fell more than 3 percent, with National Australia Bank, Australia's top bank by assets, slid 3.9 percent to A$17.69 its lowest level since October 1997 as worries about rival UK banks stoked fears about its Yorkshire and Clydesdale operations. Westpac Banking Corp (Frankfurt: 854242 - news) , Australia's second-largest bank, fell 3.2 percent to A$15.01, and the Commonwealth Bank of Australia, the country's second-largest lender, dropped 3 percent to A$25.57, a level last seen in March 2003. Australia and New Zealand Banking Group, Australia's fourth-biggest bank, lost 3.4 percent to stand at A$13.23. 0056 GMT * Top miner BHP fell 2.8 percent to A$28.13 after announcing it would close its Ravensthorpe nickel mine and write down the value of the nickel business by about $1.6 billion this year. For more, click on 0018 GMT * Rio Tinto (LSE: RIO.L - news) fell 4.5 percent to A$36.27 after saying it would cut aluminium production by a further 6 percent, for a total cut of 11 percent. For more, click on 0018 GMT * David Jones sank 10.2 percent to A$2.37 after cutting its sales and profit growth forecasts, which helped knock other retailers. For more, click on Furniture and electrical chain Harvey Norman fell 7.4 percent to A$2.13, JB Hi-Fi slid 5.5 percent to A$9.06, and top retailers Woolworths (Munich: 886853 - news) and Wesfarmers (Berlin: WF3.BE - news) were down more than 1 percent, after a key index of Australian consumer confidence sank 2.2 percent in January. 2351 GMT (Reporting by Sonali Paul)

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