Reuters: Hot Stocks: Australia shares slip 0.4 pct, await China PMI cues

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Australia shares slip 0.4 pct, await China PMI cues May 1st 2013, 00:20 Tweet Share this Email Print Tue Apr 30, 2013 8:20pm EDT (Updates to open) SYDNEY, May 1 (Reuters) - Australian shares slipped 0.4 percent in early trade on Wednesday, with weak metal prices offsetting a positive lead from Wall Street and weighing on miners, as investors wait on the release of Chinese manufacturing data for further direction. Global miner BHP Billiton dropped 1.2 percent, while rival Rio Tinto Ltd lost 1.0 percent. The benchmark S&P/ASX 200 index dropped 20.5 points to 5,170.7 by 0014 GMT. The market climbed 1.3 percent on Tuesday to close at its highest level in almost five years, led by sharp gains in the financial sector. China's official Purchasing Managers' Index is due later in the day and will be closely scrutinized by traders after the world's second-largest economy unexpectedly stumbled in the first quarter. China is Australia's biggest export market. New Zealand's benchmark NZX 50 index shed 0.1 percent, or 2.4 points, to 4,612.0. (Reporting By Maggie Lu Yueyang; Editing by Shri Navaratnam) 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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