Reuters: Hot Stocks: Australia shares drop 2 pct to one-month low after flash China PMI

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Australia shares drop 2 pct to one-month low after flash China PMI May 23rd 2013, 06:20 Thu May 23, 2013 2:20am EDT SYDNEY May 23 (Reuters) - Australian shares fell 2.0 percent on Thursday, the worst daily loss in more than two months, after release of a weak manufacturing survey about China. Australian investors are particular sensitive to Chinese manufacturing data, as China is the biggest market for Australia's raw materials. The benchmark S&P/ASX 200 index extended losses after the flash HSBC Purchasing Managers' Index for China and dropped 103.0 points to close at a one-month low of 5,062.4. The index fell 0.3 percent on Wednesday. The market was also betting on the higher chance that the Fed could decide to wind back its bond buying programme soon after Ben Bernanke's comments, said analysts. New Zealand's benchmark NZX 50 index slipped 0.5 percent to 4,588.6.

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