Reuters: Hot Stocks: Australia shares seen lower on weak commodities, focus turns to China data

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Australia shares seen lower on weak commodities, focus turns to China data Apr 14th 2013, 23:12 Tweet Share this Email Print Sun Apr 14, 2013 7:12pm EDT SYDNEY, April 15 (Reuters) - Australian shares are set to open lower on Monday, following a sharp drop in commodities prices on Friday. Investors, concerned about global growth and the outlook for raw materials demand, are awaiting a slew of data from China, including GDP figures, due out later in the session. * Local share price index futures were down 0.4 percent to 4,997, a 16.5-point discount to the underlying S&P/ASX 200 index close. The benchmark edged up 0.1 percent on Friday. * New Zealand's benchmark NZX 50 index added 2.0 points to 4,437.8 in early trade. * U.S. stocks closed slightly lower on Friday, retreating from the previous session's record highs on a drop in financial shares, but major indexes had the biggest weekly gains since the first week of the year. * Copper fell 3 percent on Friday as concern about slowing economic growth raised uncertainty over the base metals demand outlook. Abundant supply and inventories of the metal put further pressure on prices. * A landslide at Rio Tinto's Bingham Canyon mine in Utah, the United States, extended further into the pit than predicted, and there was greater damage to equipment than previously estimated, Rio's Kennecott unit said on Friday. * China will release a slew of key economic data on Monday, including GDP, industrial production and retail sales. * Australia's February mortgage lending figures are due at 0130 GMT. ----------------------MARKET SNAPSHOT @ 2228 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1588.85 -0.28% -4.520 USD/JPY 98.44 0.66% 0.650 10-YR US TSY YLD 1.7208 -- 0.000 SPOT GOLD 1481.06 0.18% 2.710 US CRUDE 90.72 -0.62% -0.570 DOW JONES 14865.06 0.00% -0.08 ASIA ADRS 140.11 -0.98% -1.38 ------------------------------------------------------------- * Wall St ends down but indexes notch sharp weekly gains * Brent oil hits 9-month low, bounces on spread outlook * Gold sinks into bear market on institutional exodus * Copper drops on growth worries, ample supply 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; Editing by Shri Navaratnam) 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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