Reuters: Hot Stocks: Australia shares slip, banks weak, uncertainty over RBA

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Australia shares slip, banks weak, uncertainty over RBA Dec 6th 2012, 00:34 Tweet Share this Email Print Related Topics Basic Materials » Cyclical Consumer Goods » Wed Dec 5, 2012 7:34pm EST (Adds details, comments) Sydney, Dec 6 (Reuters) - Australian shares slipped 0.1 percent in morning trade, pulled down by shares in the banking sector after investors fretted over whether Australia's central bank has done enough to help the domestic economy. The Reserve Bank of Australia cut its main cash rate to 3.0 percent at its monthly policy meeting on Tuesday, equalling the low hit during the global financial crisis. Banks all fell, with the Commonwealth Bank of Australia leading losses, dropping 1 percent. The benchmark S&P/ASX 200 index slipped 4.8 points to 4,515.6 at 0022 GMT. The benchmark rose 0.4 percent on Wednesday. "I think people are starting to come to the view that the world economy is not going to be very supportive of Australia," said Damien Boey, equity strategist at Credit Suisse. The U.S. still faces uncertainty over the fiscal cliff while Europe is still grappling with its sovereign debt crisis. "[They're also thinking] the RBA hasn't really done enough because they haven't got a meeting in January, leaving whatever easing they're going to do very very late." Defensives were soft, with supermarket chain Woolworths down 1.3 percent while telecommunications giant Telstra lost 0.7 percent. Losses however, were pared by optimism for miners after Chinese Communist Party chief Xi Jinping said the country will craft economic policies next year to ensure stable economic growth. Addressing a politburo meeting, Xi said the government aimed to stabilise exports as the world's second-largest economy faced both favourable factors and challenges next year. Bellwether miners BHP Billiton Ltd and Rio Tinto Ltd were up 1 percent and 1.2 percent respectively. New Zealand's benchmark NZX 50 index slipped 2.7 points to 4,004.5. STOCKS ON THE MOVE * TV broadcaster Ten Network Holdings is on a trading halt. The network said it would raise about A$230 million through an entitlement offer at A$0.20 a share, a 38 percent discount to its last trade. It said it was looking to cut costs following a poor performance as it struggles in a weak advertising market. (0022 GMT) (Reporting by Thuy Ong; Editing by Eric Meijer) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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