Australia's S&P/ASX Falls to 4-Week Low; Westfield, BHP Decline

By Ian C. Sayson

Sept. 5 (Bloomberg) -- Australia's stocks fell, with the benchmark index heading to its lowest in more than four weeks, after the U.S. reported rising job claims and metal prices declined.

Westfield Group, the world's biggest shopping center owner by market value, declined 2.5 percent on concern a global slowdown will hurt sales and profit. BHP Billiton Ltd., the world's largest miner, fell for the sixth-day, its longest losing streak this year, on speculation demand for metals will weaken.

The S&P/ASX 200 Index slipped 122.10, or 2.5 percent, to 4,857.40 as of 10:49 a.m. in Sydney, heading for its lowest close since Aug. 5. The S&P/ASX 200 Index futures contract due in September plunged 2.8 percent to 4,860 while the All Ordinaries Index declined 121.80, or 2.4 percent to 4,929.10.

Westfield, which has malls in 13 U.S. states, fell 2.3 percent to A$17.24. BHP Billiton dropped 1.4 percent to A$36.59, a four-week low.

To contact the reporter on this story: Ian C. Sayson in Manila at isayson@bloomberg.net