MW: Australian shares lower, with resources weakening
By Michael Kitchen
LOS ANGELES (MarketWatch) -- Australian shares moved lower in early trading Wednesday, with shares facing headwinds from monetary tightening in China and lower oil and gold prices. Sydney's benchmark S&P/ASX 200 lost 0.8% to stand at 4,860.3 in the early going, after overnight losses on Wall Street and the People's Bank of China's decision to hike bank reserve ratios, as China is key buyer of Australian exports. Miners were among the loss-leaders, with Alumina Ltd. (AU:AWC 1.90, -0.06, -3.06%) (AWCMF 1.92, +0.14, +8.06%) down 3.1%, and Lihir Gold Ltd. (AU:LGL 3.34, -0.08, -2.34%) (LIHRF 3.20, -3.20, -50.00%) losing 2.3%. Shares of oil-service firm WorleyParsons Ltd. (AU:WOR 25.99, -3.36, -11.45%) (WYGPF 27.65, +0.40, +1.47%) took a 11.4% hit after the company reduced its earnings outlook for fiscal 2010. Financials were also mostly lower, with Australia & New Zealand Banking Group (AU:ANZ 22.30, +0.04, +0.18%) (ANEWF 20.20, -0.80, -3.81%) falling 0.9%.
