Just in:  

You are here: Home»Markets»Equity»Australia»Australia shares decline on China PMI survey

Australia shares decline on China PMI survey

australia-stock-exchange copyMELBOURNE: Australian stocks fell 0.4 percent after data suggested a continuing contraction in the manufacturing sector in China, Australia's top export destination.


Top miner BHP Billiton fell 1.3 percent while Rio Tinto sank 1.5 percent.


The HSBC Flash China manufacturing purchasing managers' index (PMI) ticked up to 47.8 from August's nine-month low of 47.6 but remained well below the 50 mark that divides expansion from contraction.


"It's still soft," said Shane Oliver, head of investment strategy at AMP Capital Investment.


"The good news is it hasn't got any worse, the bad news is it's no better really. Statistically there's no change. It's telling us Chinese growth is not losing further momentum but recovery remains elusive."


"The market was already struggling before this was released," Oliver added.


The benchmark S&P/ASX 200 index was down 16 points to 4,402.3 by 0320 GMT. The index rose 0.5 percent to 4,418.36 on Wednesday, its highest close since May 3.


New Zealand's benchmark NZX 50 index rose 0.5 percent to 3,817.3 points.


New Zealand's economy grew better than expected in the second quarter, rising a seasonally adjusted 0.6 percent in the three months to June 30.




Surfwear company Billabong International Ltd fell 7 percent to A$1.345 after one of its two suitors dropped out of the race.


Echo Entertainment Group Ltd fell 5 percent to A$3.895 after Southeast Asian gambling group Genting unexpectedly put up for sale almost half its near 10 percent stake in Echo.


New Zealand and Australian clothing and outdoor goods retailer Kathmandu Ltd rose 3.5 percent to NZ$1.76 after it said it expected improvement this year. 


Fortescue Metals Group FMG.AX fell 3.4 percent to A$3.565. Fortescue reached a $715 million deal with US investment firm Leucadia National Corp to repay a loan, the latest move by the world's No. 4 iron ore producer to restructure its $11.7 billion debt load.


Copyright Reuters, 2012


Index Closing Chg%
Arrow DJIA 17,798.49 0.08
Arrow Nasdaq 5,127.52 0.22
Arrow S&P 2,090.11 0.06
Arrow FTSE 6,375.15 0.28
Arrow DAX 11,293.76 0.24
Arrow CAC-40 4,930.14 0.32
Arrow Nikkei 19,883.94 0.30
Arrow H.Seng 22,068.32 1.87
Arrow Sensex 26,128.20 0.65

Wholesale Camping Equipment from China at 

New 2015 adidas and Nike Soccer Cleats at Kicks Corner uk

Ad Asia 2015

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 23, 2015
Reserves $19.713 bln