October 31, 2012 / 11:26 PM / 5 years ago

Australia shares down ahead of China PMI; Arrium slumps

MELBOURNE, Nov 1 (Reuters) - Australian shares fell 0.7 percent on Thursday, wiping out gains made in the previous session as miners and banks retreated ahead of manufacturing data from top export destination China.

China’s official purchasing managers index is due at 0100 GMT. In a Reuters poll, analysts forecast a rebound to 50.3 in October from 49.8 in September, which would suggest factory output is accelerating again after two months of slowing growth.

The benchmark S&P/ASX 200 index was down 33 points at 4,484.2 by 2314 GMT. It rose 0.7 percent to a one-week closing high on Wednesday.

The index added 3 percent in October, its fifth straight month of gains.

New Zealand’s benchmark NZX 50 index eased 2 points to 3,955.7.

Arrium Ltd slumped 12 percent to A$0.695 as it resumed trade after Noble Group Ltd and POSCO dropped a A$1.2 billion ($1.24 billion) takeover bid for the steel and iron ore company. (Reporting by Miranda Maxwell; Editing by Chris Gallagher)

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