Reuters: Hot Stocks: Australia shares to weaken after Wall St decline

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Australia shares to weaken after Wall St decline May 22nd 2013, 23:16 SYDNEY | Wed May 22, 2013 7:16pm EDT SYDNEY May 23 (Reuters) - Australian shares are seen easing on Thursday after falls on Wall Street over worries that the U.S. Federal Reserve may consider winding back its economic stimulus programme. * Local share price index futures fell 0.4 percent, a 14.4-point discount to the underlying S&P/ASX 200 index close. The benchmark closed 0.3 percent lower on Wednesday. * New Zealand's benchmark NZX 50 index slipped 0.1 percent to 4,606.1 points. * U.S. stocks fell on Wednesday with the S&P 500 posting its biggest decline in three weeks, after minutes from the latest U.S. Federal Reserve meeting showed some officials were open to tapering large-scale asset purchases as early as at the June meeting. * Gold turned sharply lower as investors weighed Fed Chairman Ben Bernanke's congressional testimony warning of risks to holding interest rates too low for too long and opened the possibility of reducing bond purchases. * Copper hit a six week high on Wednesday as a production outage at the world's second-largest copper mine looked set to continue, although gains were capped as investors digested the Fed's comments on monetary easing. * Australian building materials group James Hardie Industries reported an 11 percent fall in fourth-quarter profit after declines in sales prices in the United States and Europe offset improved sales volumes in those markets. ----------------------MARKET SNAPSHOT @ 2255 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1655.35 -0.83% -13.810 USD/JPY 103.17 0.02% 0.020 10-YR US TSY YLD 2.0368 -- 0.000 SPOT GOLD 1367.54 -0.07% -1.000 US CRUDE 93.95 -0.35% -0.330 DOW JONES 15307.17 -0.52% -80.41 ASIA ADRS 146.07 -1.19% -1.75 ------------------------------------------------------------- * Wall St falters in volatile session on Fed worries * Oil drops on gasoline glut, falls more on Fed minutes * Gold slides as Fed chief hints at reduced bond buying * Copper up on Grasberg outage, Fed comments caps gains For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Thuy Ong; Editing by Richard Pullin) Link this Share this Digg this Email Reprints

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