Reuters: Hot Stocks: Australia shares pare early losses, markets still nervous on Fed policy

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Australia shares pare early losses, markets still nervous on Fed policy Jun 21st 2013, 06:23 Fri Jun 21, 2013 2:23am EDT (Updates to close) SYDNEY, June 21 (Reuters) - Australian shares fell 0.4 percent on Friday on lingering worries over the U.S. Federal Reserve's plans to start reducing its stimulus later this year, but the market trimmed early losses as a lower Australian dollar buoyed stocks with large exposure to the U.S. Banks led the sell-off with Commonwealth Bank of Australia slipping 0.3 percent and Westpac Banking Corp falling 1.6 percent. National Australia Bank lost 0.8 percent. 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 19.6 points to 4,738.8, after dipping to an intraday low of 4,683.3, according to the latest data. The benchmark fell 1.1 percent for the week. U.S. exposed stocks edged higher on the back of a weak Australian dollar, helping to contain falls. Biotechnology firm CSL Ltd edged 0.1 percent higher while pallets maker Brambles Ltd jumped 1 percent. James Hardie Industries climbed 1.3 percent. U.S. stocks fell more than 2 percent on Thursday, with the S&P 500 recording its biggest fall since November 2011, a day after Fed Chairman Ben Bernanke confirmed plans to start scaling back monetary stimulus if the U.S. economy improved as expected. New Zealand's benchmark NZX 50 index fell 0.8 percent or 35.5 points to finish the session at 4,363.1. (Reporting By Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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