Reuters: Hot Stocks: Australian shares down ahead of Q1 GDP data

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

Australian shares down ahead of Q1 GDP data Jun 5th 2013, 00:30 Tue Jun 4, 2013 8:30pm EDT SYDNEY, June 5 (Reuters) - Australian shares fell 0.6 percent early on Wednesday as losses on Wall Street and concerns about Chinese demand for metals hit sentiment ahead of GDP data later in the morning. Banks were weaker, with Westpac Banking Corp down 0.6 percent and top lender the Commonwealth Bank of Australia losing 0.2 percent. Miner BHP Billiton Ltd fell 0.3 percent while Rio Tinto Ltd was flat. The S&P/ASX 200 index lost 29.6 points to 4,871.2 by 0014 GMT. The benchmark had risen 0.3 percent on Tuesday. The benchmark has been hit by concerns of slowing growth in China, jitters the Federal Reserve will wind back its stimulus this year and turbulence in Japanese equities. The GDP report at 0130 GMT is expected to show growth was below potential in the first quarter as a big slowdown in spending by miners was compounded by a still sluggish non-resource sector, even as exports and consumer spending added to growth. New Zealand's benchmark NZX 50 index slipped 0.2 percent or 8.2 points to 4,465.6. (Reporting by Thuy Ong; Editing by John Mair)

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