Australia shares down 0.7 pct on risk-averse trading
(Adds details, comments, stocks on the move) CANBERRA, Nov 13 (Reuters) - Australian shares fell 0.7 percent in late morning trade on Tuesday, dragged by miners and banks, as investors cautiously await if the U.S. can reach a political deal to head off spending cuts and tax hikes early next year. Despite better economic data from China, investor sentiments are also weighed by how Europe tackled Greece's debt crisis, analysts said. "It's quite evident that investors would rather be risk-averse, when they are not sure of where some of these key events are likely to end," said Stan Shamu, a market analyst at IG Markets. The benchmark S&P/ASX 200 index lost 30.3 points to 4,417.7 at 0049 GMT. It slipped 0.3 percent on Monday. Top miner BHP Billiton Ltd edged 0.4 percent lower, and Rio Tinto Ltd was down 0.3 percent. Major banks all lost ground led by No.3 lender Westpac Banking Corp falling 1.1 percent. The biggest lender Commonwealth Bank of Australia declined 0.8 percent. New Zealand's benchmark NZX 50 index lost ground and was down 1.7 points to 3982.3, . STOCKS ON THE MOVE * Shares in Incitec Pivot Ltd surged 4.8 percent after the company said it expected its margins to recover this fiscal year after its annual profit before one-off items slumped 24 percent. (0047 GMT) * Top insurer QBE Insurance Group plunged 5.3 percent, extending losses in the previous session after rating agency S&P revised its outlook from stable to negative. The insurer cut its full-year profit outlook on Monday to reflect catastrophe claims arising from Hurricane Sandy. (0047 GMT) (Reporting By Maggie Lu Yueyang; Editing by Eric Meijer)
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