Reuters: Hot Stocks: Australia shares seen opening weaker; miners may recover after recent slide

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Australia shares seen opening weaker; miners may recover after recent slide Apr 18th 2013, 23:07 Thu Apr 18, 2013 7:07pm EDT SYDNEY, April 19 (Reuters) - Australian shares are set to inch down at open on Friday, after Wall Street fell on soft data and earnings concerns, but miners may see some short-covering following the sharp decline recently, with BHP Billiton's U.S. ADRs jumping 1.4 percent. * Local share price index futures inched down 0.2 percent to 4,920, a 4.4-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 1.6 percent on Thursday, the biggest one-day percentage loss in a month. * New Zealand's benchmark NZX 50 index fell 0.5 percent to 4,420.7 in early trade. * U.S. stocks fell on Thursday and the S&P 500 closed below a key technical level after disappointing forecasts from eBay and other companies, casting doubt on the market's recent strength. * Growth in factory activity in the U.S. mid-Atlantic region unexpectedly slowed in April, according to the Philadelphia Federal Reserve, the latest in a series of data pointing to weak economic conditions. * Copper ended flat on Thursday, after hitting a session low below $7,000 a tonne for the first time in 18 months on persistent worries about global demand, but analysts said heavy short selling might be drying up and could spur a rebound. * Shanghai rebar futures fell to their lowest in more than seven months on Thursday. Iron ore prices were little changed, supported by tight spot supplies, but traders and analysts say iron ore prices may decline if steel demand in top consumer China doesn't pick up pace. * Rio Tinto Ltd said it is on track to deliver iron ore expansion plans in Pilbara, Australia, and its Oyu Tolgoi project, due for production in the first half of the year, depends on discussion with the government of Mongolia. * Oil and gas producer Santos will report first quarter production activities. ----------------------MARKET SNAPSHOT @ 2255 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1541.61 -0.67% -10.400 USD/JPY 98.31 0.18% 0.180 10-YR US TSY YLD 1.6864 -- 0.000 SPOT GOLD 1393.8 0.22% 3.050 US CRUDE 88.35 0.71% 0.620 DOW JONES 14537.14 -0.56% -81.45 ASIA ADRS 137.02 -0.13% -0.18 ------------------------------------------------------------- * Wall St falls further, bearish signals mount * Oil rises after six-day sell-off, market seen oversold * Gold up in roller-coaster trade, sentiment uneasy * Copper ends flat, short-covering rally likely 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) Link this Share this Digg this Email Reprints

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