Reuters: Hot Stocks: Australian shares post biggest single day fall in 4 weeks on soft China GDP

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Australian shares post biggest single day fall in 4 weeks on soft China GDP Apr 15th 2013, 06:36 Mon Apr 15, 2013 2:36am EDT (Adds details, comments) SYDNEY, April 15 (Reuters) - Australian shares suffered their biggest fall in four weeks on Monday, as mining stocks lost ground after disappointing data out of China heightened worries about the global growth outlook. The S&P/ASX 200 index lost 45.6 points, or 0.9 percent, to finish at 4,967.9, after earlier dipping to a low of 4,933.3. It was the biggest one-day loss for the benchmark since March 18. The market edged up 0.1 percent on Friday. China's economic recovery unexpectedly stumbled in the first three months of 2013 as the annual rate of growth eased back to 7.7 percent from the 7.9 percent pace set in the final quarter of last year, official data showed on Monday. "With today's numbers exhibiting a tone of weakness it was no great surprise to see traders backing away from risk-assets," said Tim Waterer, senior trader at CMC Markets. The weak China GDP data will be especially worrying after investors had been primed for an upside surprise versus the consensus of 8 percent. Australia is particularly sensitive to the growth cycle in China, which is its top export market and a big buyer of its resources. Global miners, hit by weaker commodities prices, extended their losses following the downbeat China data. Top miners BHP Billiton and Rio Tinto Ltd dropped 3.1 percent and 3.2 percent, respectively. Gold miners were also sold off, with Newcrest Mining Ltd tumbling 8.2 percent and Regis Resources Ltd skidding 12 percent. "It hasn't been a great start to the trading week. What we're seeing is a big slump in those gold players, there is a lot of concern for gold at the moment as its not being seen as a safe-haven," said Juliette Saly, stock market analyst at Commonwealth Securities Banks finished the session firmer. The country's biggest lender Commonwealth Bank of Australia added 0.7 percent while National Australia Bank gained 0.5 percent. Defensives leant some support to the index with the nation's biggest telecommunications provider Telstra Ltd climbing 0.9. "The market is not as weak as it was earlier in the session, so we're seeing a little bit of a pick up coming through from other areas like defensives and the banks," Saly said. New Zealand's benchmark NZX 50 index finished the session up 0.4 percent, or 18.9 points to 4,454.7. (Reporting by Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions