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Australia shares fall on China worries; NZ gains
[SYDNEY] Australian shares fell 0.7 per cent on Tuesday as falls in resources and banks on worries about slowing growth in China outweighed strength in the telecom and healthcare sectors.
The S&P/ASX 200 index fell 34.11 points to 5,235.60 at the close of trade. The benchmark barely moved on Monday. Despite Tuesday's losses, the index is still up 4.3 per cent in October, on track for its best monthly performance since July. "After the recent run-up, traders and investors are hanging back," said Australian Stock Report Head of Research Chris Conway. "Until the macro storm clouds that are hanging over the market - China, US Fed and global growth - begin to dissipate, expect more of the same."
In contrast, New Zealand's benchmark NZX 50 index rose 1 per cent or 60.66 points to finish the session at 5,895.49.