Reuters: Hot Stocks: Australia shares seen steadying after drop, gold firm

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Australia shares seen steadying after drop, gold firm Mar 18th 2013, 22:42 Mon Mar 18, 2013 6:42pm EDT SYDNEY, March 19 - Australian shares may steady on Tuesday after a sharp fall caused by uncertainty about a bailout plan for Cyprus, with a rise in gold prices offering some support. * Local share price index futures rose 0.7 percent, to 5,043, a 27.6-point premium to the underlying S&P/ASX 200 index close. The benchmark dropped 2.1 percent on Monday, its largest one-day drop in 4 weeks. * New Zealand's benchmark NZX 50 index inched up 0.1 percent or 6.2 points to 4,347.2 in early trade. * U.S. stocks fell on Monday after a plan to tax bank accounts in Cyprus to help pay for the country's bailout stoked worries that it could threaten the stability of financial institutions in the euro zone. * Copper prices dropped to a four-month low, mirroring a pullback in risk appetite across financial markets, as the euro zone's plan to part-fund a bailout of Cyprus by taxing bank deposits raised fears about the region's economic stability. * Gold prices hit their highest since late February, with some investors drawn to its safe-haven properties. * New Hope Coal, one of Australia's two remaining mid-sized independent coal producers, reports first-half earnings later today. * The Reserve Bank of Australia will release the minutes of its March 5 meeting. ----------------------MARKET SNAPSHOT @ 2219 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1552.1 -0.55% -8.600 USD/JPY 95.27 0.07% 0.070 10-YR US TSY YLD 1.9546 -- 0.000 SPOT GOLD 1605.06 0.13% 2.070 US CRUDE 93.79 0.05% 0.050 DOW JONES 14452.06 -0.43% -62.05 ASIA ADRS 135.92 -0.99% -1.36 ------------------------------------------------------------- * Wall St ends lower on angst about Cyprus bailout plan * Oil down on Cyprus fears, bounces off 3-month low * Gold hits 2-1/2 wk high as Cyprus spurs safe haven buy * Copper slides to four-month low on euro zone crisis 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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