Reuters: Hot Stocks: Australia shares seen retreating from highs

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Australia shares seen retreating from highs Nov 27th 2012, 22:37 MELBOURNE | Tue Nov 27, 2012 5:37pm EST MELBOURNE Nov 28 (Reuters) - Australian shares are likely to retreat from two-week highs on Wednesday after Wall Street eased on concerns over how the U.S. budget impasse would be resolved, and gold and oil prices declined. * Stock index futures fell 0.4 percent or 19 points to 4,454.0 to be just below the underlying S&P/ASX 200 index , which ended up 0.7 percent at 4,456.8 on Tuesday after hitting a two-week high during trade. * New Zealand's benchmark NZX 50 index rose 3.6 points to 4,013.2. * U.S. stocks slid in a choppy session, losing ground in the last hour before the close after Senate Majority Leader Harry Reid expressed disappointment that there had been little progress in dealing with the "fiscal cliff." * Copper rose after an agreement by international lenders to reduce Greece's debt lifted investor sentiment, although gains were limited as the dollar advanced on data showing U.S. consumer confidence at a four-and-a-half-year high. * The OECD said Australia's economy is expected to grow at a weaker pace over the next two years as the government's belt-tightening measures affect demand and a strong currency weighs on exports, but a slew of projects in the key mining sector will provide support.. ----------------------MARKET SNAPSHOT @ 2222 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1398.94 -0.52% -7.350 USD/JPY 82.13 0% 0.000 10-YR US TSY YLD 1.6386 -- -0.027 SPOT GOLD 1738.28 -0.19% -3.370 US CRUDE 87.42 -0.36% -0.320 DOW JONES 12878.13 -0.69% -89.24 ASIA ADRS 121.31 -0.67% -0.82 ------------------------------------------------------------- * Wall St falls, hit by Reid's 'fiscal cliff' comments * Oil dips on U.S. budget negotiation uncertainty * Gold down on US fiscal worries, options in focus * Copper rises on Greek debt deal, dollar limits gain For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Miranda Maxwell; Editing by John Mair) Link this Share this Digg this Email Reprints

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