Reuters: Hot Stocks: Australia shares seen lower on sinking metal prices, growth woes

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Australia shares seen lower on sinking metal prices, growth woes Apr 17th 2013, 23:06 Tweet Share this Email Print Wed Apr 17, 2013 7:06pm EDT SYDNEY, April 18 (Reuters) - Australian shares are set to open lower on Thursday, following a broad market selloff on Wall Street overnight, as sinking copper prices increased worries about global growth and demand for Australia's raw materials. * Local share price index futures fell 0.7 percent to 4,969, a 35.6-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 1.1 percent on Wednesday. * New Zealand's benchmark NZX 50 index fell 0.4 percent to 4,458.4 in early trade. * U.S. stocks fell in a broad market selloff Wednesday, led by a sharp drop in Apple shares on worries about slowing demand for its products and weaker-than-expected results from Bank of America that battered the financial sector. * Copper fell more than 3 percent after the International Monetary Fund downgraded its global economic growth projections for this year and next, increasing worries about the prospects for metals demand. * Shanghai steel futures dropped for a fourth straight day on Wednesday, reflecting uncertainty on the outlook for Chinese demand that may curb appetite for raw material iron ore. * Global miner BHP Billiton Ltd announced a new senior management team on Thursday. * Australia's biggest phone company Telstra Corp Ltd said it signed a $1.1 billion six year contract with Defence, which could create 350 new positions. ----------------------MARKET SNAPSHOT @ 2254 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1552.01 -1.43% -22.560 USD/JPY 98.06 -0.03% -0.030 10-YR US TSY YLD 1.6984 -- 0.000 SPOT GOLD 1379.15 0.19% 2.650 US CRUDE 86.18 -0.58% -0.500 DOW JONES 14618.59 -0.94% -138.19 ASIA ADRS 137.20 -1.23% -1.71 ------------------------------------------------------------- * Drop in Apple shares, weak profits drag Wall St lower * Brent crude falls for 6th day as demand worries persist * Gold up on physical buying but seen vulnerable * Copper drops as IMF report strengthens growth fears For a digest of the day's business stories in Australian newspapers, double click on (Reporting By Maggie Lu Yueyang; Editing by Richard Pullin) 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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