Reuters: Hot Stocks: Australia shares seen stabilising ahead of GDP data

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Australia shares seen stabilising ahead of GDP data Dec 4th 2012, 22:54 MELBOURNE | Tue Dec 4, 2012 5:54pm EST MELBOURNE Dec 5 (Reuters) - Australian shares look set to stabilise on Wednesday as mining stocks draw support from a six-week high in copper prices, although morning trade is expected to be cautious ahead of the release of GDP data. * Third quarter gross domestic product is expected to rise 0.6 percent on the quarter, and 3.2 pct for the year. * Local share price index futures rose 7 points to 4,512, an 8.4-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.6 percent on Tuesday. * New Zealand's benchmark NZX 50 index rose 0.1 percent to 4,019.7 in early trade. * U.S. stocks finished slightly lower in a quiet session on Tuesday as the back-and-forth wrangling over the "fiscal cliff" gave investors little reason to act. * Miners such as BHP Billiton look set to gain after copper edged higher on optimism that top copper consumer China is on the road to recovery, but concern over U.S. economic and fiscal issues kept gains in check. * Ten Network Holdings Ltd requested a trading halt ahead of an announcement in relation to a proposed capital raising ----------------------MARKET SNAPSHOT @ 2240 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1407.05 -0.17% -2.410 USD/JPY 81.92 0.04% 0.030 10-YR US TSY YLD 1.6045 -- -0.017 SPOT GOLD 1696.65 -0.01% -0.090 US CRUDE 88.5 -0.66% -0.590 DOW JONES 12951.78 -0.11% -13.82 ASIA ADRS 122.21 -0.16% -0.19 ------------------------------------------------------------- * Wall St slips as investors seek fiscal progress * Oil falls on U.S. budget, fuel demand concerns * Gold hits one-month low on fund selling, technicals * Copper edges to another 6-week high on China hopes 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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