Reuters: Hot Stocks: Australia shares seen supported by iron ore prices

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Australia shares seen supported by iron ore prices Jan 7th 2013, 22:37 Tweet Share this Email Print Mon Jan 7, 2013 5:37pm EST SYDNEY, Jan 8 (Reuters) - Australian shares may find it hard to revisit their 19-month highs on Tuesday after global share markets eased, but miners are likely to be supported by firmer iron ore prices and signs of improved growth in China. * Local share price index futures inched up 0.1 percent, or 5 points to 4,697.0, a 20.3-point discount to the underlying S&P/ASX 200 index close. The benchmark slipped 0.1 percent to 4,717.3 on Monday. * New Zealand's benchmark NZX 50 index eased 0.1 percent from a 5-year high to 4,081.9 in early trade. * U.S. stocks lost ground on Monday, as investors drew back from recent gains that lifted the S&P 500 to a five-year high, in anticipation of sluggish growth in corporate profits. * Copper eased on Monday as the dollar rose and investors remained concerned the U.S. Federal Reserve might halt asset purchases, but losses were limited by an improved growth outlook in the United States and China, and less gloom in Europe. * China steel futures hit their highest in more than six months on Monday, backed by a revival in demand in the world's top steel consumer that has fueled a buying spree for raw material iron ore and lifted prices to levels last seen in October 2011. * Australia will release its trade balance for November on Tuesday, with the trade deficit expected to widen to around A$2.3 billion. ----------------------MARKET SNAPSHOT @ 2204 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1461.89 -0.31% -4.580 USD/JPY 87.79 0.02% 0.020 10-YR US TSY YLD 1.8991 -- -0.004 SPOT GOLD 1646.9 0.02% 0.260 US CRUDE 93.29 0.21% 0.200 DOW JONES 13384.29 -0.38% -50.92 ASIA ADRS 133.99 -0.95% -1.28 ------------------------------------------------------------- * Wall St edges off 5-year high, awaits earnings * Oil firm, Brent's premium to US narrowest since Sept * Gold falls, Fed asset purchases in focus * Copper dips on firmer dlr; growth outlook supports For a digest of the day's business stories in Australian newspapers, double click on (Reporting By Maggie Lu Yueyang; Editing by John Mair) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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