October 7, 2013 / 5:26 AM / 4 years ago

Australia shares fall, breach key support on U.S. deadlock worries

SYDNEY, Oct 7 (Reuters) - Australian shares fell 0.9 percent
on Monday, pulling back in the afternoon session after U.S.
futures dropped on lingering worries about the consequences of a
prolonged U.S. debt battle.
    The S&P/ASX 200 index dropped 46.9 points to
5,161.1, the lowest close since September 6. The benchmark broke
the 5,200 support line which it held for about a month.
    Equity markets have been under pressure since the U.S.
federal government shutdown began on Tuesday, and that is
expected to only increase as the Oct. 17 deadline to raise the
federal borrowing limit gets closer. 
    Big banks led the falls on concerns the U.S. debt ceiling
stalemate could cause strains in the credit markets. Trading was
subdued though on a public holiday in the financial capital of
Sydney.    
    New Zealand's benchmark NZX 50 index dipped 0.1
percent to 4,756.0.  
    
    
    
    

 (Reporting By Maggie Lu Yueyang; Editing by Shri Navaratnam)

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