Australian stocks lower; Atlas Iron declines

SYDNEY, July 22 (Reuters) - Australian shares fell 0.9 percent on Tuesday, with financials such as National Australia Bank Ltd (ASX: NAB.ax) leading losses after disappointing earnings at American Express Co AXP.N dented sentiment in the sector. The benchmark S&P/ASX 200 index .AXJO fell 45.2 points to 4,966.6 by 0244 GMT, after rising 3.5 percent in the previous session. New Zealand's benchmark NZX-50 index .NZ50 slipped 0.2 percent, or 7.08 points, to 3,141.24. The most heavily weighted stock, Telecom Corp of New Zealand (NZX: TEL.nz) , was down 2 percent at NZ$3.38. STOCKS ON THE MOVE * Atlas Iron Ltd AGO.AX fell 8.8 percent to A$2.68. The firm said it will push back first exports from its Pardoo iron ore project in Western Australia to December 2008 from October, citing delays in obtaining environmental approvals. *... [read full story]