Reuters: Hot Stocks: Australia shares seen lower on caution about U.S., China

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Australia shares seen lower on caution about U.S., China Nov 8th 2012, 22:26 Tweet Share this Email Print Thu Nov 8, 2012 5:26pm EST CANBERRA, Nov 9 (Reuters) - Australian shares are seen opening with a soft tone on Friday, following extended losses in Wall Street with investors cautious about U.S. fiscal woes and the leadership change in China, Australia's top consumer of resources. * Local share price index futures are down 0.9 percent at 4,446.0, a 37.8-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.7 percent to 4,483.8 on Thursday. * New Zealand's benchmark NZX 50 index edged down 0.1 percent to 3,951.1 in early trade. * U.S. stocks fell on Thursday and could be in line for more weakness as worries about Washington's ability to find a timely solution in coming weeksto the "fiscal cliff" dominating investor thinking. * Copper edged higher on Thursday in cautious trade ahead of a leadership transition in top metals consumer China, which may result in fresh economic stimulus measures, while concerns about weak demand and the U.S. economy capped the upside. * Australian employment rose by more than expected for a second straight month in October, helping keep the jobless rate steady and forcing the market to lengthen the odds of a cut in interest rates before year end. * Shares in Australia's Lynas Corp rose 11.8 percent on Thursday after a Malaysian court lifted a suspension on its licence to operate a controversial rare earths processing plant. * Mine construction firm Macmahon Holdings Ltd will hold its annual general meeting for shareholders. It warned in September its profit would fall as much as 64 percent this year due to weaker mining demand and a troubled contract. ----------------------MARKET SNAPSHOT @ 2208 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1377.51 -1.22% -17.020 USD/JPY 79.46 0.01% 0.010 10-YR US TSY YLD 1.6182 -- -0.026 SPOT GOLD 1731.15 0.07% 1.160 US CRUDE 85.06 0.73% 0.620 DOW JONES 12811.32 -0.94% -121.41 ASIA ADRS 118.74 -0.86% -1.03 ------------------------------------------------------------- * Wall St falls as U.s. fiscal worries weigh * Oil rebounds after plunge, economy concerns limit rise * Gold holds near $1,715/oz, focus on euro zone * Copper edges up; worries about US economy cap gains 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) Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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