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Australia shares fall on Fed tapering, Chinese growth worries
June 24, 2013 / 6:22 AM / 4 years ago

Australia shares fall on Fed tapering, Chinese growth worries

(Updates to close)

SYDNEY, June 24 (Reuters) - Australian shares dived 1.5 percent on Monday as investors remained anxious about the Federal Reserve’s plans to taper monetary stimulus and slowing growth in China, causing financial and mining stocks to fall.

Top lender Commonwealth Bank of Australia was down 0.5 percent while National Australia Bank Ltd lost 1 percent.

BHP Billiton Ltd dropped 3.3 percent and rival Rio Tinto Ltd lost 2.1 percent. Newcrest Mining, which has fallen lmost without interruption since 2011, tumbled 7.9 percent to near 10-year-lows of A$9.53.

The S&P/ASX 200 index lost 69.7 points to finish the session at 4,669.1, according to the latest data. The benchmark fell 1.1 percent last week.

The Fed’s plan to cut back on how much cheap money it pumps into the world’s biggest economy has raised concerns about the impact on growth, and prompted sharp adjustments in global asset markets.

New Zealand’s benchmark NZX 50 index finished flat or up 1 point to 4,364. (Reporting by Thuy Ong; Editing by Richard Borsuk)

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