Reuters: Hot Stocks: Australia shares seen rising at open but China worries may weigh

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Australia shares seen rising at open but China worries may weigh Jun 10th 2013, 23:18 Tweet Share this Email Print Mon Jun 10, 2013 7:18pm EDT MELBOURNE, June 11 (Reuters) - Australian shares are set to open higher on Tuesday, playing catch-up with offshore gains following a public holiday on the view that U.S. jobs data last Friday was not strong enough for the Federal Reserve to wind back its stimulus. Weak trade data from China at the weekend, however, could put a lid on any gains, with copper prices having dropped on worries about Chinese demand for metals. * Local share price index futures fell 0.4 percent to 4,780.0, but that was a 42.3-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.9 percent on Friday to post its worst weekly loss in a year. * New Zealand's benchmark NZX 50 index rose 0.2 percent to 4,482.1 in early trade. * U.S. stocks ended little changed in weak volume on Monday, pausing after the previous session's strong gains and getting only a brief boost when the United States' credit outlook was revised to stable from negative. * Copper fell to its lowest price in more than three weeks on Monday, under pressure from a stronger dollar and as poor economic data from China stoked fears about the outlook for industrial metals demand. Gold inched up. * Risks are rising that China's economic growth will slow further in the second quarter and that full-year forecasts will be cut further, after weekend data showed weakness in May exports and domestic activity struggling to pick up. * Shares in stock exchange operator ASX Ltd went on a trading halt ahead of a A$553 million equity raising. It warned it would pay a final dividend of 81 cents, around 12 percent below analysts' forecasts. It said its full-year profit would be around A$346 million, just below market forecasts. * Resources and infrastructure contractor NRW Holdings cut its full-year revenue profit forecasts, due to delays in securing new contracts and a slower-than-expected ramp-up of those projects. It expects revenue for the year to June 2013 to be around A$1.3 billion, down from a forecast of A$1.4-A$1.5 billion. It expects net profit of A$73-A$76 million. ----------------------MARKET SNAPSHOT @ 2250 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1642.81 -0.03% -0.570 USD/JPY 98.86 0.08% 0.100 10-YR US TSY YLD 2.2133 -- 0.000 SPOT GOLD 1385.41 -0.07% -0.990 US CRUDE 95.89 0.13% 0.120 DOW JONES 15238.59 -0.06% -9.53 ASIA ADRS 136.60 0.55% 0.75 ------------------------------------------------------------- * Wall St finishes flat as U.S. gets stable credit outlook * Oil ends day lower, weak China demand weighs * Gold up slightly after S&P raises U.S. credit outlook * Copper hits three-week low on China 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; Editing by Chris Gallagher) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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