Reuters: Hot Stocks: Australia shares slip 0.5 pct after soft China PMI; Telstra hits 8-yr high

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Australia shares slip 0.5 pct after soft China PMI; Telstra hits 8-yr high May 1st 2013, 06:21 Tweet Share this Email Print Wed May 1, 2013 2:21am EDT (Updates to close) SYDNEY, May 1 (Reuters) - Australian shares slipped 0.5 percent on Wednesday as disappointing Chinese manufacturing data and weak metal prices weighed on miners, but trading was subdued with many investors on the sidelines ahead of the Federal Reserve meeting result. The benchmark S&P/ASX 200 index dropped 25.0 points to 5,166.2, according to the latest data. 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. Global miner BHP Billiton dropped 1.6 percent, while rival Rio Tinto Ltd lost 1.4 percent, deepening their losses after data showed growth in China's manufacturing sector unexpectedly slowed in April.[ID:nL3N0DI04Y Analysts said investors were in a wait-and-see mode as the Federal Reserve wraps up a two-day meeting, at which it is widely expected to recommit to its aggressive easing programme, or even expand it. Australia's flagship phone company Telstra Corp Ltd continued to push higher, gaining 1.0 percent to a nearly eight-year high of A$5.03, after its deputy chief financial officer said the company was on track for its full-year earnings guidance. New Zealand's benchmark NZX 50 index edged down 0.2 percent to 4,603.0. (Reporting By Maggie Lu Yueyang; Editing by Kim Coghill) 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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