Reuters: Hot Stocks: Australia shares set for subdued start, mining stocks may support

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Australia shares set for subdued start, mining stocks may support Aug 11th 2013, 23:09 SYDNEY | Sun Aug 11, 2013 7:09pm EDT SYDNEY Aug 12 (Reuters) - Australian shares are set for a cautious start to the week on Monday after a soft lead from Wall Street, with miners possibly underpinning the market on the back of higher metals prices as investors turn their focus to the domestic corporate earnings season. * Local share price index futures were flat at 5,004.0, but were still a 51.2-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.2 percent on Friday. * New Zealand's benchmark NZX 50 index fell 0.2 percent in early trade. * U.S. stocks fell on Friday and posted their biggest weekly decline since June as investors focused on when the Federal Reserve would begin to scale back its stimulus. * Copper rose to its highest in two months on Friday after upbeat Chinese factory data added to signs of steadying growth in the world's top consumer of metals. * Australian engineering company UGL Ltd is set to split its engineering and property businesses in a move to boost its share price, which has been hurt by a weakening resources market, media reported on Monday. * Australian electronics retailer JB Hi Fi Ltd will report its annual profit ending June 2013 on Monday. * Property company GPT Group is due to announce its half-year results, while building materials group James Hardie will report its first-quarter results for financial year 2014. ----------------------MARKET SNAPSHOT @ 2254 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1691.42 -0.36% -6.060 USD/JPY 96.31 0.11% 0.110 10-YR US TSY YLD 2.5802 -- 0.000 SPOT GOLD 1329.53 1.18% 15.530 US CRUDE 105.97 0.00% 0.000 DOW JONES 15425.51 -0.47% -72.81 ASIA ADRS 141.33 0.12% 0.17 ------------------------------------------------------------- * Wall St posts worst week since June with Fed in mind * U.S. oil rises 2.5 percent on China, tight supply * Gold rises on safety bids as S&P dips for 2nd weekly gain * Copper sees strongest weekly gain since Sept on China data For a digest of the day's business stories in Australian newspapers, double click on (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234) (Reporting By Maggie Lu Yueyang; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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