Reuters: Hot Stocks: Australia shares seen lower on Cyprus crisis; miners to weigh

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Australia shares seen lower on Cyprus crisis; miners to weigh Mar 19th 2013, 22:31 Tweet Share this Email Print Tue Mar 19, 2013 6:31pm EDT SYDNEY, March 20 (Reuters) - Australian shares are set to start lower on Wednesday, with sentiment hurt by uncertainty about how Cyprus will avoid a bank default and possible reverberations in the euro zone, a weaker close on Wall Street and a near 7-month low in copper prices. BHP Billiton, Rio Tinto and Fortescue Metals Group are likely to come under additional pressure after Goldman Sachs cut its price targets on the stocks due to concerns about an oversupply in iron ore markets. * Local share price index futures fell 0.5 percent to 4,965, a 22.4-point discount to the underlying S&P/ASX 200 index close. The benchmark dropped 0.6 percent and closed at a one-month low on Tuesday as minutes of the central bank's latest meeting were seen reducing the chances of a rate cut and on worries about the bank bailout in Cyprus. * New Zealand's benchmark NZX 50 index edged up 0.3 percent to 4,358.1 in early trade. * Cyprus's parliament overwhelmingly rejected a proposed levy on savings in banks as a condition for a European bailout on Tuesday, throwing international efforts to rescue the latest casualty of the euro zone debt crisis into disarray. * The S&P 500 fell for a third day on Tuesday but pared losses late in the day after the parliament of Cyprus rejected a proposed tax on bank deposits. * Copper fell to a near seven-month low, extending losses for a fifth straight session as investors worried about a possible bank default in Cyprus and as the euro slid. * Australia's big iron ore miners on Tuesday cautioned that China can no longer be counted on for unchecked opportunity, warning of volatile markets and softer prices as growth in China's steel production slows. * David Jones, Australia's No.2 department store chain, reported a larger-than-expected 13.5 percent fall in first-half earnings, and said it was still looking at how to unlock value from its property assets. * Australian agribusiness company Elders Ltd has received a takeover bid from larger peer Ruralco Holdings Ltd for its rural services unit, according to the country's competition watchdog. ----------------------MARKET SNAPSHOT @ 2212 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1548.34 -0.24% -3.760 USD/JPY 95.15 0.02% 0.020 10-YR US TSY YLD 1.9043 -- 0.000 SPOT GOLD 1612.44 -0.02% -0.350 US CRUDE 92.23 0.08% 0.070 DOW JONES 14455.82 0.03% 3.76 ASIA ADRS 135.30 -0.46% -0.62 ------------------------------------------------------------- * S&P 500 ends down, but off day's low after Cyprus vote * Brent oil falls 2 pct to 3-month low in Cyprus fears * Gold holds firm after Cyprus parliament rejects tax * Copper near 7-month low on Cyprus crisis, euro 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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