Reuters: Hot Stocks: Australia shares fall on Fed tapering concerns, China PMI stems losses

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Australia shares fall on Fed tapering concerns, China PMI stems losses Sep 23rd 2013, 02:26 Sun Sep 22, 2013 10:26pm EDT (Adds analysis, quotes, stocks on the move) SYDNEY, Sept 23 (Reuters) - Australian shares fell 0.5 percent on Monday as investors continued to fret over mixed signals of when the Federal Reserve could scale back its stimulus measures, but upbeat data from China helped lift the market from session lows. Miners dragged on the index after copper edged lower as investors shifted their focus back to fragile fundamentals. Bellwether miners BHP Billiton Ltd fell 0.9 percent while Rio Tinto Ltd slipped 0.8 percent. The two blue chip miners have lost an average of 4.5 percent in share value so far this year as a rout in commodities prices and worries about the slowing Chinese economy triggered selling. The broader index is up 12.9 percent so far in 2013. Gold miners Newcrest Mining Ltd lost 6.7 percent while Perseus Mining Ltd slumped 14.6 percent after bullion sank near-3 percent on Friday as institutional investors sold aggressively. The local market took a lead from U.S. stocks, which fell on Friday as investors fretted over the Federal Reserve's decision to maintain its stimulus measures as they heard opposing viewpoints from top Fed officials. Elsewhere, hawkish St. Louis Federal Reserve Bank President James Bullard said a reduction of the Fed's $85 billion monthly bond purchase programme beginning in October was possible. "Bullard's comments left traders with a sense that the Fed might still begin to reduce asset purchases this year," said Ric Spooner, chief market analyst at CMC Markets, in a note. "In this case, there would be no meaningful difference in the overall timing of its tightening programme compared to what the market was anticipating last week." The S&P/ASX 200 index fell 24.1 points to 5,252.6 by 0200 GMT in a broad-based sell-off. The benchmark fell 0.4 percent on Friday, retreating from a five-year high. Consumer retail staples also lost ground with Woolworths Ltd and Wesfarmers Ltd dropping 1.3 percent and 0.9 percent, respectively. However, the flash China HSBC Purchasing Managers' Index (PMI) climbed to 51.2 in September helping to lift the market from its session lows of 5,227.4 points. The reading hit a high not seen since March as stronger domestic and foreign demand added to recent signs of a tentative turnaround in the world's second-largest economy. Treasury Wine Estates Ltd lost 5.5 percent to 13-month lows of A$4.49, after the company said on Monday Chief Executive David Dearie will leave the company immediately, citing the company's costly writedown of U.S. inventory as a reason for his departure. New Zealand's benchmark NZX 50 index fell 0.7 percent or 34.5 points to 4,695.8. (Reporting by Thuy Ong; Editing by Jacqueline Wong) Link this Share this Digg this Email Reprints

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