Reuters: Hot Stocks: Australia shares seen lower on worries over Cyprus deal

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Australia shares seen lower on worries over Cyprus deal Mar 25th 2013, 22:35 SYDNEY, March 26 | Mon Mar 25, 2013 6:35pm EDT SYDNEY, March 26 (Reuters) - Australian shares are seen falling on Tuesday following losses on Wall Street as investors worry about the prospects for Cyprus and the euro zone, and weaker metal prices may hit mining stocks. * Local share price index futures fell 0.9 percent to 4,960, a 30.2-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.5 percent on Monday. * New Zealand's benchmark NZX 50 index inched up 0.2 percent, or 6.6 points to 4,347.4 in early trade. * U.S. stocks fell on Monday on concerns about developments in Cyprus and the euro zone, which wiped away earlier gains that drove the S&P 500 index to less than a point away from its record close. * A rescue programme for Cyprus represents a new template for resolving euro zone banking problems and other countries may have to restructure their banking sectors, the head of the region's finance ministers said. * Copper fell on Monday as investors lost enthusiasm for the Cyprus bailout, and were disappointed with modest demand growth from top consumer China. * Gold fell in heavy trade as the bailout deal for Cyprus decreased the metal's safe-haven appeal. * Reserve Bank Governor Glenn Stevens will speak at the Australian Securities and Investments Commission Annual Forum on Tuesday. ----------------------MARKET SNAPSHOT @ 2210 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1551.69 -0.33% -5.200 USD/JPY 94.15 0% 0.000 10-YR US TSY YLD 1.9198 -- 0.000 SPOT GOLD 1604.2 -0.04% -0.700 US CRUDE 94.77 -0.04% -0.040 DOW JONES 14447.75 -0.44% -64.28 ASIA ADRS 135.59 -0.43% -0.58 ------------------------------------------------------------- * Wall St ends lower on renewed Cyprus worries * Oil rises in choppy trade after Cyprus bailout deal * Gold down as Cyprus bailout deal ease market fears * Copper dips as post-Cyprus bailout cheer fades For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Thuy Ong; Editing by John Mair) Link this Share this Digg this Email Reprints

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