Commonwealth Bank shares plunge after trading update

Shares in Australia's largest listed firm Commonwealth Bank plunged almost six percent Wednesday, their steepest daily fall since the global financial crisis, after a soft trading update and fears the central bank's rate-cutting cycle is over. The bank and other blue-chip firms have benefited from investors' search for yield, seeing their share prices strengthen over the past few years as a weakening economic climate led to interest rate cuts by the Reserve Bank of Australia. Shar