Reuters: Hot Stocks: Australia shares seen down on Wall St drop, weak metals; capex data eyed

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Australia shares seen down on Wall St drop, weak metals; capex data eyed May 29th 2013, 23:11 SYDNEY | Wed May 29, 2013 7:11pm EDT SYDNEY May 30 (Reuters) - Australian shares are expected to weaken on Thursday as Wall Street fell overnight and a drop in metals prices looks set to hit miners. Investors are also keenly awaiting local capex data due later in the day to gauge business spending plans ahead. * Local share price index futures fell 0.4 percent, a 15.7-point discount to the underlying S&P/ASX 200 index close. The benchmark edged 0.1 percent higher on Wednesday. * New Zealand's benchmark NZX 50 index was flat in early trade. * U.S. stocks fell on Wednesday as high-yielding dividend stocks lost some of their luster after recent gains in U.S. Treasury bond yields. * Copper fell on Wednesday under pressure from the imminent resumption of production at the world's second largest copper mine, Grasberg in Indonesia, and by wider uncertainty about global growth prospects. * Gold rose around 1 percent, reversing the previous session's losses as the dollar's drop and declines in equities triggered physical buying * Spot iron ore fell below $113 a tonne, its lowest level in more than seven months, and Shanghai rebar futures fell near a nine-month low on Wednesday, due to slower steel demand in top consumer China. * Australian business capital expenditure for the first quarter is due at 0130 GMT. With the peak of the mining boom approaching, this report will be keenly watched to see how much spending plans will fall for the 2013/14 fiscal year. The transition in growth drivers from mining to non-mining is expected to be a bumpy one. ----------------------MARKET SNAPSHOT @ 2257 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1648.36 -0.7% -11.700 USD/JPY 101.11 -0.02% -0.020 10-YR US TSY YLD 2.1189 -- 0.000 SPOT GOLD 1390.91 -0.11% -1.540 US CRUDE 92.84 -0.31% -0.290 DOW JONES 15302.80 -0.69% -106.59 ASIA ADRS 138.50 -1.49% -2.09 ------------------------------------------------------------- * Wall St falls as bond yields hit high dividend stocks * Oil slides on energy demand worries * Gold rises 1 pct on physical demand, drop in equities * Copper falls on mine restart, global growth 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 Shri Navaratnam) Link this Share this Digg this Email Reprints

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