Australian stocks slid in early Monday trading action, with the equity benchmark marching away from five-year highs achieved last week. The S&P/ASX 200 plunged 0.9% to 5,233.60, as investors also awaited HSBC's report on September manufacturing activity in China, which is Australia's biggest export market. Mining issues were sharply down, following in the direction of metals prices late last week. Shares of gold producer Newcrest Mining Ltd. retreated 5.8%, slicing into last week's 9% surge, iron-ore miner Fortescue Metals Group Ltd. slumped 2.2% and BHP Billiton Ltd. sagged down 1.5%. Banking issues were down, with Commonwealth Bank of Australia traded 0.4% lesser, and among energy stocks, Woodside Petroleum Ltd. recorded a 1.2% decrease. Meanwhile, stock in Treasury Wine Estates Ltd. diminished 2.7%, with the company saying Chief Executive David Dearie has left. The move comes weeks after Treasury Wines had to destroy thousands of gallons of wine in the U.S. because of poor sales.
