Reuters: Hot Stocks: Australia shares seen dipping ahead of expected rate cut

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Australia shares seen dipping ahead of expected rate cut Dec 3rd 2012, 21:31 Tweet Share this Email Print Mon Dec 3, 2012 4:31pm EST MELBOURNE, Dec 4 (Reuters) - Australian shares are set to open slightly lower on Tuesday as worries about U.S. economic growth, after manufacturing contracted in November, offset encouraging signs of a manufacturing pick-up in China. * Investors are betting the Reserve Bank of Australia will cut interest rates by a quarter point on Tuesday to match a record low of 3 percent as it seeks to insulate the resource-rich economy against a slowdown in the mining sector. * Stock index futures fell 0.3 percent to 4,536.0, but that is still a 4.5-point premium to the underlying S&P/ASX 200 index. The benchmark rose 0.6 percent on Monday to a five-week high. * New Zealand's benchmark NZX 50 index inched up 1.1 points to 4,050.2 in early trade. * Chinese manufacturing output grew last month for the first time in more than a year, but a surprise contraction in U.S. factory activity tempered optimism about the health of the world economy on Monday. * U.S. stocks ended weaker after the disappointing U.S. factory numbers. * Copper touched a six-week high on Monday on promising manufacturing data from top metals consumer China, but doubts over the soundness of the global economy put a lid on gains. * U.S. grains giant Archer Daniels Midland Co raised its bid for Graincorp by 4 percent to $2.9 billion, now offering A$12.20 a share, and increased its stake in the Australian group to 19.9 percent, a strong block against any potential rival suitor. Graincorp last traded at A$11.94. * New Zealand telecommunications network operator Chorus Ltd rose 1.4 percent even after debt rating agency Moody's warned it may cut the company's Baa2 ratings. ----------------------MARKET SNAPSHOT @ 2102 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1409.47 -0.47% -6.710 USD/JPY 82.22 -0.16% -0.130 10-YR US TSY YLD 1.625 -- 0.012 SPOT GOLD 1715.21 0.02% 0.320 US CRUDE 89.06 0.17% 0.150 DOW JONES 12966.14 -0.46% -59.44 ASIA ADRS 122.41 -0.75% -0.93 ------------------------------------------------------------- * Wall St ends down as U.S. data disappoints * Brent oil falls as weak US data offsets China optimism * Gold up on dollar dip, mixed manufacturing outlook * Copper hits 6-week high on China data For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Sonali Paul; Editing by John Mair) 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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