Reuters: Hot Stocks: Australia shares seen steady as weak miners offset Wall St gains

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Australia shares seen steady as weak miners offset Wall St gains May 15th 2013, 23:11 SYDNEY | Wed May 15, 2013 7:11pm EDT SYDNEY May 16 (Reuters) - Australian shares are seen flat on Wednesday, with support from another record on Wall Street and a fall in the Australian dollar to an 11-month low offset by weaker metals prices. * Local share price index futures rose 2 points to an 11.3-point premium to the close of the underlying S&P/ASX 200 index. The benchmark fell 0.6 percent on Wednesday. * New Zealand's benchmark NZX 50 index fell 0.1 percent in early trade. * U.S. stocks rose on Wednesday, with the Dow and S&P 500 hitting new all-time highs in a broad market rally as the recent upward momentum persisted. * The Australian dollar was labouring against a firmer U.S. dollar, struggling at $0.9896, having hit a fresh 11-month low of $0.9852 overnight. A weaker Australian dollar may underpin companies with large exposure to the U.S. market. * Copper slid to its lowest in nearly two weeks on Wednesday after disappointing European economic data fuelled worries about global growth and metals demand, putting mining stocks under pressure. * Gold slid below $1,400 an ounce, losing two percent and hitting its lowest in nearly a month as a record rally in U.S. equities and economic optimism undermined bullion's safe-haven appeal. * GrainCorp Ltd, announced its first-half financial earnings at $227 million and says it continues to make good progress on strategic initiatives announced in November. * Virgin Australia Holdings Ltd released a market update, saying it continues to expect to record a positive underlying profit before tax for the fourth quarter. ----------------------MARKET SNAPSHOT @ 2253 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1658.78 0.51% 8.440 USD/JPY 102.25 0.02% 0.020 10-YR US TSY YLD 1.94 -- 0.000 SPOT GOLD 1395.45 0.23% 3.160 US CRUDE 94.17 -0.14% -0.130 DOW JONES 15275.69 0.40% 60.44 ASIA ADRS 147.83 0.54% 0.80 ------------------------------------------------------------- * Dow, S&P 500 end at record highs again, Google jumps * Oil gains $1 on U.S. equity rally * Gold slips below $1,400, down 2 pct on eco. optimism * Copper falls as European growth fizzles, funds sell 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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