Australian shares slipped 0.3 percent on Thursday, pressured by uncertainty over whether the eurozone can reach an agreement on how to resolve its debt crisis, as well as soft local jobs data. Volumes were lighter than usual ahead of the European leaders' summit on Friday, with caution heightened as a top German official played down the likelihood of an overall deal.
Peter Quinton, analyst at broker Bell Potter Securities, said it was disturbing leaders appeared to be focused on longer term issues rather than addressing the immediate crisis quickly. The benchmark S&P/ASX 200 index lost 11.8 points to close at 4,280.7. It rose 0.7 percent on Wednesday. New Zealand's benchmark NZX 50 index fell 0.4 percent to 3,269.9. Reserve Bank of Australia Governor Glenn Stevens speaks later on Thursday.
The bank cut rates 25 basis points in November and again this week, a cut matched by Australia and New Zealand Banking Group and National Australia Bank on Thursday. See. ANZ shares fell 0.5 percent while NAB rose 0.8 percent. Earlier, data showed Australian employment dipped 6,300 in November while the jobless rate rose a tick to 5.3 percent.
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