Reuters: Hot Stocks: Australian shares extend losses as markets unnerved by Fed exit plan

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Australian shares extend losses as markets unnerved by Fed exit plan Jun 21st 2013, 00:25 Thu Jun 20, 2013 8:25pm EDT (Updates with movements in early trade) SYDNEY, June 21 (Reuters) - Australian shares dropped 1.3 percent on Friday, extending sharp losses from the previous session as Wall Street posted its biggest fall in more than 18 months, with investors worrying about the economic impact if 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 declining 1.8 percent and National Australia Bank shedding 1.7 percent. The S&P/ASX 200 index slid 63.4 points to 4,695 by 0010 GMT. The benchmark declined 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. The drop on Wall Street was accompanied by sharp selloff of global equities, commodities and bonds after the Fed on Wednesday confirmed it would start to trim its massive stimulus this year if the U.S. economy improved as expected. 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. New Zealand's benchmark NZX 50 index lost 1.1 percent or 46.7 points to 4,351.9. (Reporting By Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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