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Australian shares fell 0.9 percent to the weakest close in two months on Thursday, with big miners and banks tumbling on concern over protracted US budget negotiations and violence in the Middle East. Investors fear the world's biggest economy could be pitched back into recession if Congress fails to agree to a budget deal that could avert a package of tax increases and spending cuts, otherwise set come into force early next year - the so-called "fiscal cliff".
Top miners BHP Billiton and Rio Tinto both fell 1.8 percent, BHP hitting a two-month low closing low of A$33.12. Australian shares are down 5.1 percent from the 15-month highs reached in October. The benchmark S&P/ASX 200 index fell 39.2 points to 4,349.2, according to the latest data, the weakest close since September 13. New Zealand's benchmark NZX 50 index slipped 0.1 percent to 3,951.5 points. National Australia Bank closed at A$23.23, its weakest since June 26, while Westpac Banking Corp fell 0.9 percent to A$24.64, its weakest since end September. Gold producer Newcrest Mining sank 4.5 percent to A$24.31, the softest close since August 7. Qantas Airways added 4.1 percent to $1.28 after the airline said it will spend up to A$100 million in an on-market share buyback and pay back some debt.

Copyright Reuters, 2012

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