Reuters: Hot Stocks: Australia shares seen up in cautious start; China data in focus

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Australia shares seen up in cautious start; China data in focus Aug 8th 2013, 23:13 SYDNEY | Thu Aug 8, 2013 7:13pm EDT SYDNEY Aug 9 (Reuters) - Australian shares are likely to edge higher in a subdued start on Friday, as a rise in Wall Street stocks and metals prices overnight could be tempered by caution ahead of another batch of data from China, Australia's main export market. * Local share price index futures rose 0.4 percent, but were still a 44.8-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 1.1 percent on Thursday. * New Zealand's benchmark NZX 50 index rose 0.1 percent in early trade. * U.S. stocks advanced on Thursday, snapping a three-day losing streak as a rally in Microsoft helped lift the technology sector. * Copper hit its highest in almost two months on Thursday as upbeat trade data from China reinforced hopes of a revival in demand for industrial materials. * Gold surged nearly 2 percent to $1,310 an ounce as surprisingly strong rebounds in China's exports and imports sparked economic optimism, lifting bullion's inflation-hedge appeal. * Mining group Rio Tinto Ltd has scrapped efforts to sell its loss-making Pacific Aluminium business, blaming poor market conditions, as weaker iron ore, copper and coal prices dragged its first-half profit down by 18 percent. Elsewhere, Rio Tinto, which is developing the southern half of the Simandou iron ore deposit in Guinea, said on Thursday the company could be interested in a larger footprint, including additional blocks held by rivals. * Tabcorp Holdings Ltd released it full year earnings report with revenues at $2 billion. * RBA will release its quarterly policy statement later on Friday. This 71-page report will contain the central bank's latest forecasts on inflation and growth. * Chinese industrial output, producer price index, consumer price index data and retail sales data are due out later on Friday. ----------------------MARKET SNAPSHOT @ 2253 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1697.48 0.39% 6.570 USD/JPY 96.65 -0.07% -0.070 10-YR US TSY YLD 2.5874 -- 0.000 SPOT GOLD 1312.74 0.10% 1.350 US CRUDE 103.75 0.34% 0.350 DOW JONES 15498.32 0.18% 27.65 ASIA ADRS 141.16 1.02% 1.42 ------------------------------------------------------------- * Wall St rebounds to end 3-day drop as Microsoft gains * Oil drops for 5th session, funds push late rebound * Gold up nearly 2 pct on China trade data, dollar fall * Copper hits near 2-month high on upbeat China import 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 Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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