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Australia shares slip on selling in miners, rate outlook
January 22, 2014 / 5:21 AM / 4 years ago

Australia shares slip on selling in miners, rate outlook

(Adds share moves, major events, analysis)
    SYDNEY, Jan 22 (Reuters) - Australian stocks slipped 0.2
percent on Wednesday, as subdued industrial metal prices led to
selling in miners, and higher-than-anticipated inflation data
weakened prospects for a rate cut. 
    Both BHP Billiton and Rio Tinto Ltd lost
0.8 percent, trimming earlier losses. BHP posted strong rises in
iron ore and metallurgical coal output in the December quarter
and said it was well positioned to reward shareholders as
productivity increased. 
    The S&P/ASX 200 index dropped 11.7 points to
5,319.8, recovering from an intra-day low of 5,285.4. The local
benchmark rose 0.7 percent to reach a two-week high in the prior
session.
    New Zealand's benchmark NZX 50 index rose 0.6
percent to 4,950.3.
    


    

 (Reporting by Maggie Lu Yueyang; Editing by Simon
Cameron-Moore)

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