Reuters: Hot Stocks: Australia shares seen lower on Wall St fall, commodities selloff

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Australia shares seen lower on Wall St fall, commodities selloff May 1st 2013, 23:12 SYDNEY | Wed May 1, 2013 7:12pm EDT SYDNEY May 2 (Reuters) - Australian shares are set to fall on Thursday after Wall Street stocks dropped as disappointing earnings reports and employment data hurt investor sentiment, while miners may be hit by a selloff in commodities. * Local share price index futures fell 0.5 percent, a 29.2-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.5 percent on Wednesday. * New Zealand's benchmark NZX 50 index fell 0.5 percent to 4,579.8 in early trade. * U.S. stocks fell sharply on Wednesday as the latest economic data continued a trend of indicators pointing to anaemic growth while bellwether companies disappointed on revenue. * A commodities selloff sent gold prices more than 1 percent lower on Wednesday, the biggest daily drop since bullion's historic decline in mid-April, although the metal pared some losses after the Federal Reserve stuck to its monetary stimulus plan. * Copper also slid, extending its deepest monthly drop in almost a year in April, due to concerns over growth in top metal consumer China and in the United States after data suggested the world's two biggest economies remain fragile. * Archer Daniels Midlands Co on Wednesday said it completed due diligence on GrainCorp Ltd and intends to move forward with a cash offer to acquire the Australian grain handler. * Australian trade prices and building permits data are due out later on Thursday. ----------------------MARKET SNAPSHOT @ 2248 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1582.7 -0.93% -14.870 USD/JPY 97.31 -0.07% -0.070 10-YR US TSY YLD 1.6324 -- 0.000 SPOT GOLD 1458.65 0.13% 1.910 US CRUDE 90.95 -0.09% -0.080 DOW JONES 14700.95 -0.94% -138.85 ASIA ADRS 141.66 -1.36% -1.96 ------------------------------------------------------------- * Wall St drops on data, earnings; Facebook up late * Oil drops below $100 on weak data from China, US * Gold falls more than 1 pct as commodities dip * Copper, nickel fall as U.S., China data boost demand worries 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 Thuy Ong; Editing by Chris Gallagher) Link this Share this Digg this Email Reprints

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