Reuters: Hot Stocks: Australia shares set to drop on China growth worries, gold slump

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Australia shares set to drop on China growth worries, gold slump Apr 15th 2013, 23:07 Tweet Share this Email Print Mon Apr 15, 2013 7:07pm EDT MELBOURNE, April 16 (Reuters) - Australian shares are set to open lower on Tuesday, adding to losses on Monday after growth in China, the world's top metals consumer, unexpectedly stumbled in the first quarter and gold prices collapsed. * Local share price index futures fell 1.3 percent to 4,898.0, which was 69.9 points below the underlying S&P/ASX 200 index close. The benchmark fell 0.9 percent on Monday in its biggest drop in four weeks. * New Zealand's benchmark NZX 50 index fell 1.1 percent to 4,404.1 in early trade. * U.S. stocks posted their worst day since Nov. 7 on Monday as big declines in the price of gold, oil and other commodities fed a broad selloff in equities. Selling accelerated as reports of explosions in Boston added to investors' nervousness. * Copper fell to its lowest price in 1-1/2 years on Monday, joining a wide retreat in commodities as disappointing Chinese economic data reinforced concerns over prospects for metals demand. Gold tumbled 9 percent to a two-year low in heavy trade. * Global miner Rio Tinto is due to report its March quarter production, with iron ore output expected to be down by as much as 10 percent to less than 46 million tonnes, hit by normal southern summer cyclones. ----------------------MARKET SNAPSHOT @ 2208 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1552.36 -2.3% -36.490 USD/JPY 96.71 -0.04% -0.040 10-YR US TSY YLD 1.6883 -- 0.000 SPOT GOLD 1364.25 0.85% 11.500 US CRUDE 87.36 -1.52% -1.350 DOW JONES 14599.20 -1.79% -265.86 ASIA ADRS 136.71 -2.42% -3.40 ------------------------------------------------------------- * Wall St posts worst day since Nov. 7 on gold's drop * Oil prices approach $100 in commodity selloff * U.S. gold futures down more than 10 pct in late trade * Copper hits lowest in 1-1/2 years on Chinese data 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) 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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