Reuters: Hot Stocks: Australia shares seen edging down on weak resources

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Australia shares seen edging down on weak resources Mar 3rd 2013, 22:28 Tweet Share this Email Print Sun Mar 3, 2013 5:28pm EST SYDNEY, Mar 4 (Reuters) - Australian shares are set for a sluggish start on Monday, as lower metal prices hold resource stocks back and patchy global economic data encourages some investors to book profits after a strong rally for risk assets this year. * Local share price index futures edged down 0.1 percent, or 5 points, to 5,069. That left futures at a 17.1-point discount to the underlying S&P/ASX 200 index, which slipped 0.4 percent on Friday following a strong rally last week. * New Zealand's benchmark NZX 50 index fell 1.0 percent to 4,275.0 in early trade. * U.S. stocks advanced modestly on Friday, leaving the S&P 500 with slight gains in a volatile week as strong U.S. economic data overshadowed growth concerns in China and Europe and let investors discount the impact of expected U.S. government spending cuts. * Copper fell to its lowest in more than three months on Friday, burdened by a strong dollar, cooling factory growth in major metals consumer China and worrying economic and political signals from Europe and the United States. * Archer Daniels Midland Co said it could still make another bid for GrainCorp Ltd, after the Australian grain handler rejected two takeover offers from the giant U.S. agribusiness company. * News Ltd is selling down its 44 percent stake in New Zealand's dominant television operator, Sky Network Television Ltd. * Australia will release its monthly inflation gauge, business inventories for the fourth quarter, and February job ads on Monday. ----------------------MARKET SNAPSHOT @ 2213 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1518.2 0.23% 3.520 USD/JPY 93.4 -0.17% -0.160 10-YR US TSY YLD 1.8446 -- 0.000 SPOT GOLD 1576.54 0.00% 0.000 US CRUDE 90.68 -1.49% -1.370 DOW JONES 14089.66 0.25% 35.17 ASIA ADRS 136.82 0.44% 0.60 ------------------------------------------------------------- * Wall St advances as data outweighs budget cuts * Brent erases 2013 gains, slips on US budget cuts * Gold down on strong US data, ignores spending cuts * Copper hits three-month low as dlr, China data drag For a digest of the day's business stories in Australian newspapers, double click on (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234) (Reporting By Maggie Lu Yueyang) 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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