Reuters: Hot Stocks: Australia shares slip from 5-yr highs as investors eye US Fed

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Australia shares slip from 5-yr highs as investors eye US Fed Sep 18th 2013, 06:17 Wed Sep 18, 2013 2:17am EDT SYDNEY, Sept 18 (Reuters) - Australian shares slipped 0.3 percent on Wednesday, retreating from 5-year highs as investors remained cautious ahead of an expected decision by the Federal Reserve later in the day to scale back its stimulus. The policy-setting Federal Open Market Committee began meeting on Tuesday and many investors expect Chairman Ben Bernanke to announce a reduction of bond purchases by $10 billion a month to $75 billion, while keeping interest rates close to zero. The S&P/ASX 200 index fell 13.1 points to 5,238.1. The benchmark rose 0.1 percent on Tuesdsay to a fresh five-year closing high. New Zealand's benchmark NZX 50 index rose 0.1 percent or 5.8 points to finish at an all-time closing high of 4,703.8. (Reporting by Thuy Ong; Editing by Kim Coghill)

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