Reuters: Hot Stocks: Australia shares seen higher; weighed by Fed comment, China capacity

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Australia shares seen higher; weighed by Fed comment, China capacity May 16th 2013, 23:23 Tweet Share this Email Print Thu May 16, 2013 7:23pm EDT SYDNEY, May 17 (Reuters) - Australian shares may open slightly higher on Friday as the local dollar holds below parity against the greenback, but Wall Street's overnight fall and concerns about excess capacity in China are likely to weigh on sentiment. * The local share price index futures edged up 0.1 percent to 5,177.0, a 11.3-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.5 percent on Thursday. * New Zealand's benchmark NZX 50 index fell 0.3 percent to 4,623.7 in early trade. * U.S. stocks ended lower on Thursday, with declines picking up steam late in the day after a Federal Reserve official said the central bank could begin easing its monetary stimulus in the northern hemisphere summer. * Copper rose on Thursday, rebounding from earlier falls, as the dollar weakened against the euro and a basket of currencies, but further gains for the metal were capped by concern about lacklustre demand from top consumer China. * Shanghai steel futures fell to their lowest in eight months on Thursday, reflecting weaker demand in top market China that has also cut buying interest for iron ore and pushed its price to the cheapest since December. * China must "strictly prohibit" the further expansion of bloated industrial sectors like steel and aluminium, China's vice-premier Zhang Gaoli said in remarks published late on Wednesday, as Beijing prepares new rules to tackle overcapacity. China is Australia's biggest consumer of raw materials. Any move to curb steel consumption will be a concern for Australian miners. ----------------------MARKET SNAPSHOT @ 2305 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1650.47 -0.5% -8.310 USD/JPY 102.14 -0.1% -0.100 10-YR US TSY YLD 1.8792 -- 0.000 SPOT GOLD 1384.45 -0.09% -1.240 US CRUDE 95.14 -0.02% -0.020 DOW JONES 15233.22 -0.28% -42.47 ASIA ADRS 145.17 -1.80% -2.66 ------------------------------------------------------------- * Wall St slips after Fed comments, but Cisco surges * Oil ends slightly up, dour U.S. data caps gains * Gold slides to 4-week low as investors sidestep * Copper rebounds as dollar drops, weak demand weighs 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 Stephen Coates) 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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