Reuters: Hot Stocks: Australia shares seen down on weaker US stocks, copper, oil

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Australia shares seen down on weaker US stocks, copper, oil Apr 3rd 2013, 22:34 Tweet Share this Email Print Wed Apr 3, 2013 6:34pm EDT SYDNEY, April 4 (Reuters) - Australian shares are seen slipping at open on Thursday after Wall Street fell on weaker-than-expected economic data, with lower copper and oil prices set to drag on the index-heavy resources stocks. * Local share price index futures fell 0.7 percent to 4,919, a 38.7-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.6 percent on Wednesday. * New Zealand's benchmark NZX 50 index edged down 0.2 percent to 4,405.1 in early trade. * U.S. stocks fell on Wednesday, with the S&P 500 index posting its biggest daily decline in more than a month, after a weaker-than-expected survey of private employers raised concerns about the strength of the economy. * Copper fell to an eight-month low as concerns about the global demand outlook for industrial metals, pushing speculators to open more short positions ahead of a two-day holiday in China. * Price offers for imported iron ore in China were steady on Wednesday, with most buyers hesitant to take up cargoes given the volatile steel market. * Iron ore exports to China from Australia's Port Hedland, a strong indicator of Chinese industrial activity, jumped by 22 percent in March, from February, recovering from disruptions caused by cyclones. * Rio Tinto has hired Deutsche Bank to help sell Australian coal assets worth billions of dollars, the Wall Street Journal reported, as the company seeks to slash costs and exit non-core and under-performing businesses. * Fairfax Media Ltd announced changes to the organizational and reporting structure of its operations. * Australian retail sales and building approvals data for February will be released at 0030 GMT. They will give the market an idea of momentum in the economy, after the central bank held rates steady at a policy review earlier in the week. ----------------------MARKET SNAPSHOT @ 2203 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1553.69 -1.05% -16.560 USD/JPY 93.04 -0% 0.000 10-YR US TSY YLD 1.8158 -- 0.000 SPOT GOLD 1557.04 -0.02% -0.310 US CRUDE 94.5 0.05% 0.050 DOW JONES 14550.35 -0.76% -111.66 ASIA ADRS 132.49 -1.14% -1.52 ------------------------------------------------------------- * Wall St falls on signs of weak economy, North Korea * Oil falls hard after US crude stocks near record * Gold hits 9-month low as crude and equities slump * Copper falls to 8-month low on demand concerns For a digest of the day's business stories in Australian newspapers, double click on (Reporting By Maggie Lu Yueyang; Editing by John Mair) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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