Reuters: Hot Stocks: Australia shares slip on Fed concerns, tumult in Japanese equities

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Australia shares slip on Fed concerns, tumult in Japanese equities May 28th 2013, 00:24 Tweet Share this Email Print Mon May 27, 2013 8:24pm EDT MELBOURNE, May 28 (Reuters) - Australian shares slipped 0.1 percent early on Tuesday, adding to a five-day losing streak, with investors unnerved by a slump in the Japanese market, uncertainty over U.S. stimulus measures and sluggish Chinese growth. Banks remained a drag on the index, with Australia and New Zealand Banking Group losing 0.6 percent. Shares in Australand Property Group dropped as much as 5 percent, and last traded 3.4 percent lower at A$3.41, after GPT Group scrapped a plan to buy Australand's $2.4 billion investment property portfolio and its commercial and industrial business. The benchmark S&P/ASX 200 index edged down 5.2 points to 4,954.7 by 0011 GMT. It fell 0.5 percent on Monday. The market has been hurt by turbulence in Japanese equities over recent days as well as last week's suggestion by U.S. Federal Reserve chief Ben Bernanke that the massive bond-buying programme could be rolled back this year. Slowing growth in China, Australia's major export market, has also raised concerns about a downturn in iron ore prices. New Zealand's benchmark NZX 50 index rose 0.2 percent to 4,487.9. U.S. and British markets were closed for public holidays. (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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