Australian shares slipped 0.2 percent on Thursday, dragged down by top insurer QBE Insurance Group which was pummelled after a shock profit warning and lingering concerns about Europe's debt woes. Top miners managed gains while leading banks were mostly a touch softer in light and uncertain trade.
"People are waiting for the next train wreck compliments of Europe to ruin the party," said David Land, analyst at CMC Markets. "Concerns about the viability of debt repayment in Europe are weighing on the minds of traders particularly as growth expectations for countries like Italy remain quite weak," he said. The benchmark S&P/ASX 200 index fell 6.5 points to 4,181, according to the latest data. It rose 0.9 percent on Wednesday.
New Zealand's benchmark NZX 50 index fell 0.5 percent to 3,219.8 points. QBE shares fell as much as a quarter and ended 13 percent lower at A$11.35 after the insurer said it expects 2011 earnings to fall by as much as half after hefty catastrophe claims. Analysts' forecasts had been for a rise.
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