Reuters: Hot Stocks: Australia shares extend slump on jitters over Fed exit

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

Australia shares extend slump on jitters over Fed exit Jun 21st 2013, 01:16 Thu Jun 20, 2013 9:16pm EDT (Adds details, comments, stocks on the move) SYDNEY, June 21 (Reuters) - Australian shares fell 0.9 percent on Friday, extending sharp losses from the previous session with investors worrying about the economic impact when the U.S. Federal Reserve starts to reduce its stimulus later this year. Banks led the sell-off with top lender the Commonwealth Bank of Australia tumbling 1.1 percent while Westpac Banking Corp lost 2 percent. "The banks have had a strong run in recent months and they have a little bit more ground to give up," said Tim Waterer, senior trader at CMC Markets, adding that offshore investors in particular were reluctant to chase yields in the current environment. The Fed's plan to eventually stop pumping cheap money into the world's biggest economy has raised concerns about the broad impact on growth, with the absence of liquidity support down the road prompting sharp adjustments in global asset markets. The S&P/ASX 200 index fell 41.5 points to 4,716.9, a one-week low, by 0054 GMT. The benchmark slumped 2.1 percent on Thursday, its largest one-day drop in four months. U.S. stocks fell more than 2 percent on Thursday, with the S&P 500 recording its biggest fall since November 2011. Miners were trading weaker. BHP Billiton fell 1.1 percent while rival Rio Tinto Ltd slipped 0.6 percent. Rio Tinto said its plan to start shipping copper from the $6.2 billion Oyu Tolgoi copper mine on Friday has been delayed at the request of the Mongolian government. New Zealand's benchmark NZX 50 index lost 1.1 percent or 47.1 points to 4,351.4. STOCKS ON THE MOVE * Sundance Resources Ltd slid 2.5 percent to A$0.08 after the company was named as a defendent in fresh proceedings filed on behlaf of estates and survivors in an aircraft incident in the Republic of Congo. (0051 GMT) * Intrepid Mines dropped 7 percent to A$0.20. Shareholders of the company backed their board and its attempt to reclaim rights to a $5 billion copper and gold project in Indonesia, defeating a plan by a private equity investor to oust the board on Thursday. (0051 GMT) (Reporting by Thuy Ong; Editing by Edwina Gibbs) 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