Reuters: Hot Stocks: Australia shares seen edging lower on disappointing US GDP

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Australia shares seen edging lower on disappointing US GDP Apr 28th 2013, 23:07 Tweet Share this Email Print Sun Apr 28, 2013 7:17pm EDT (Corrects the benchmark's percentage fall on Friday in the 3rd paragraph) SYDNEY, April 29 (Reuters) - Australian shares are expected to open lower on Monday, taking a breather after notching solid gains last week, with disappointing U.S. first-quarter growth figures likely to keep buyers at bay. * Local share price index futures edged down 0.1 percent to 5,104, which is still at a 6.5-point premium to the underlying S&P/ASX 200 index close. The benchmark slipped 0.1 percent on Friday, but posted the biggest weekly gain since December 2011. * New Zealand's benchmark NZX 50 index inched up 0.1 percent to 4,554.1 in early trade. * U.S. stocks dipped in thin volume on Friday, though the market had a strong week overall despite a mixed bag of earnings and weak economic figures. * Gross domestic product expanded at a 2.5 percent rate in the first quarter, below estimates of 3 percent, heightening fears the U.S. economy could struggle to cope with deep government spending cuts and higher taxes that kicked in earlier this year. * Copper fell more than 2 percent on Friday after two days of gains as some investors closed their positions ahead of a holiday in China next week and after U.S. first-quarter growth numbers missed analysts' forecasts. * Iron ore prices drifted to five-week lows on Friday, ahead of a long holiday weekend in top importer China that has thinned demand already hurt by a shaky steel market. * Rio Tinto's Kennecott Utah Copper expects to begin transporting copper ore to the concentrator at its Bingham Canyon mine in the next few days, after a landslide forced it to stop operations. * Australia's GrainCorp Ltd and U.S. suitor Archer Daniels Midland Co are hunkering down for a long wait for Chinese regulatory approval after agreeing a A$3.0 billion ($3.1 billion) takeover deal on Friday. * Australian copper miner Discovery Metals Ltd's top executive said on Friday the company has received no new bid from former suitor Cathay Fortune, adding the Chinese firm's disparaging comments in the week were part of an effort to snap up its Botswana copper project cheaply. ----------------------MARKET SNAPSHOT @ 2232 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1582.24 -0.18% -2.920 USD/JPY 97.79 -0.28% -0.270 10-YR US TSY YLD 1.6651 -- 0.000 SPOT GOLD 1464.91 0.16% 2.410 US CRUDE 92.69 -0.33% -0.310 DOW JONES 14712.55 0.08% 11.75 ASIA ADRS 141.75 -0.36% -0.52 ------------------------------------------------------------- * Wall St dips after GDP but finishes week higher * Oil prices fall on poor global growth outlook * Gold down, still posts biggest weekly gain in 3 months * Copper down as US data disappoints, China holiday looms 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 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.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions