Reuters: Hot Stocks: Australia shares seen lower; eyes on China, local data

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Australia shares seen lower; eyes on China, local data Jun 2nd 2013, 23:04 SYDNEY, June 3 | Sun Jun 2, 2013 7:04pm EDT SYDNEY, June 3 (Reuters) - Australian shares are set to open lower on Monday after a sharp fall on Wall Street and weaker metals prices, with eyes on Chinese data and a slew of local economic figures. * Local share price index futures fell 1.7 percent to 4,876.0, a 50.6-point discount to the underlying S&P/ASX 200 index close. The benchmark slipped 0.1 percent on Friday. * New Zealand's stocks market is closed for a public holiday on Monday. * U.S. stocks sold off in late trading to close sharply lower on Friday, with the S&P 500 posting consecutive weekly losses for the first time since November, as investors retreated after a seven-month run of gains. * Copper slipped on Friday, ending the week largely unchanged, as investors closed out positions as a precaution ahead of a factory activity report from top metals consumer China. * Shanghai rebar futures racked up their worst monthly performance since August, reflecting slower demand in top consumer China, and traders are unsure if steel and iron ore prices have yet hit bottom. * China's official PMI rose to 50.8 in May from 50.6 in April, data showed on Saturday, beating market expectations. Investors will get a fuller picture of the Chinese economy on Monday when the official services PMI is released. * A slew of local data will be due on Monday, including May inflation, Q1 business inventories, Q1 gross company profits and job advertisements for May. * Australia's central bank is set to keep its cash rate steady this week, while a batch of economic data will be picked apart for evidence that record-low rates are providing enough stimulus to offset an imminent peak in the mining investment boom. ----------------------MARKET SNAPSHOT @ 2218 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1630.74 -1.43% -23.670 USD/JPY 100.59 0.24% 0.240 10-YR US TSY YLD 2.1317 -- 0.000 SPOT GOLD 1388.8 0.21% 2.910 US CRUDE 91.45 -0.57% -0.520 DOW JONES 15115.57 -1.36% -208.96 ASIA ADRS 135.83 -2.48% -3.45 ------------------------------------------------------------- * Wall St drops in late slide, but ends May with gains * Oil prices drop sharply, equitites and supply weigh * Gold falls 1.6 pct, notches second sharp monthly loss * Copper slips on uncertainty ahead of China factory report For a digest of the day's business stories in Australian newspapers, double click on (Reporting By Maggie Lu Yueyang; Editing by Richard Pullin) Link this Share this Digg this Email Reprints

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