Reuters: Hot Stocks: Australia shares down as top miners, banks retreat

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Australia shares down as top miners, banks retreat Nov 27th 2012, 23:21 MELBOURNE | Tue Nov 27, 2012 6:21pm EST MELBOURNE Nov 28 (Reuters) - Australian shares fell 0.4 percent early on Wednesday as top miners and banks declined, pulling back from two-week highs on weaker gold and oil prices and after Wall Street eased on concerns over how the U.S. budget impasse would be resolved. The benchmark S&P/ASX 200 index was down 16 points at 4,440.6 by 2312 GMT. It rose 0.7 percent to a two-week closing high of 4,456.8 on Tuesday. BHP Billiton fell 0.9 percent and Rio Tinto was down 1.7 percent. The OECD said Australia's economy is expected to grow at a weaker pace over the next two years.. New Zealand's benchmark NZX 50 index slipped 2 points to 4,007.6. U.S. stocks slid after Senate Majority Leader Harry Reid expressed disappointment that there had been little progress in dealing with the "fiscal cliff." (Reporting by Miranda Maxwell; Editing by John Mair)

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