Reuters: Hot Stocks: Australia shares seen dipping on metal prices; eye China PMI

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Australia shares seen dipping on metal prices; eye China PMI Feb 28th 2013, 22:43 Tweet Share this Email Print Thu Feb 28, 2013 5:43pm EST SYDNEY, Mar 1 (Reuters) - Australian shares are seen pulling back from 4-1/2 year highs on Friday, with big miners weakened by lower metal prices and on investors' expectations that China's February official purchasing managers' index (PMI) will edge lower. * Local share price index futures slipped 0.3 percent to 5,068, a 36.1-point discount to the underlying S&P/ASX 200 index close. The benchmark rallied 1.3 percent on Thursday to its highest close since September 2008. * New Zealand's benchmark NZX 50 index fell 0.2 percent to 4,310.2 in early trade. * U.S. stocks ended flat on Thursday, giving up modest gains late in the session and denying the Dow a chance to inch closer to all-time highs. * Copper lost ground after mixed data on the U.S. economy and because metals investors worried about scant demand from top consumer China as well as high inventories. * China, Australia's biggest resources buyer, releases its official PMI for February on Friday. A Reuters poll showed analysts expect it to edge lower. ----------------------MARKET SNAPSHOT @ 2201 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1514.68 -0.09% -1.310 USD/JPY 92.58 0.05% 0.050 10-YR US TSY YLD 1.8773 -- -0.022 SPOT GOLD 1579.25 -0.03% -0.510 US CRUDE 91.77 -1.07% -0.990 DOW JONES 14054.49 -0.15% -20.88 ASIA ADRS 136.22 0.10% 0.14 ------------------------------------------------------------- * Wall St ends flat after late fade; S&P up for 4th mth * Brent crude oil hits six-wk low, down $8 in two weeks * Gold down 1 pct on day, posts 5th straight mthly drop * Copper slips on week China demand, mixed U.S. data 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 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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