Reuters: Hot Stocks: Australian shares fall in commodity selloff on weak China data

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Australian shares fall in commodity selloff on weak China data May 2nd 2013, 06:32 Thu May 2, 2013 2:32am EDT SYDNEY May 2 (Reuters) - Australian shares fell 0.7 percent on Thursday, dragged down by miners in a large commodity selloff on news of shrinking industrial activity in China, Australia's largest export market. China's factory-sector growth eased in April as new export orders fell for the first time this year, suggesting the euro zone recession and sluggish U.S. demand may be risks to China's economic recovery. Heavyweight mining stocks BHP Billiton Ltd dropped 1.2 percent while rival Rio Tinto lost 2 percent. The S&P/ASX 200 index lost 36.2 points to finish at 5,130. The benchmark fell 0.5 percent on Wednesday. Copper fell sharply on Thursday, tracking losses overseas on worries the global economy may be entering a soft patch, and gold held near its weakest level in almost a week, pressured by a drop in holdings on exchange-traded funds, equities and other commodities. New Zealand's benchmark NZX 50 index finished the session 0.6 percent or 28.6 points lower to 4,574.5. (Reporting by Thuy Ong; Editing by Eric Meijer)

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