Reuters: Hot Stocks: Australia shares seen opening lower ahead of GDP data

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Australia shares seen opening lower ahead of GDP data Jun 4th 2013, 23:25 SYDNEY, June 5 | Tue Jun 4, 2013 7:25pm EDT SYDNEY, June 5 (Reuters) - Australian shares are expected to open weaker after losses on Wall Street and on concerns about Chinese demand for metals, with GDP data expected to show a slowdown in mining investment kept growth below potential at the start of the year. * Local share price index futures fell 0.4 percent to 4,879, a 21.8-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.3 percent on Tuesday. * New Zealand's benchmark NZX 50 index fell 0.2 percent in early trade. * U.S. stocks fell on Tuesday as investors sold growth-oriented sectors on speculation the Federal Reserve may slow the pace of its economic stimulus. * Growth in China's steel demand is expected to slow to a near-standstill in 2013, the head of the country's biggest listed steelmaker said on Tuesday, adding to pressure on iron ore prices after a 17 percent fall in May. * Copper rose as investors took account of a prolonged shutdown at the world's second-biggest copper mine. * Gold fell about 1 percent after India, the world's largest bullion consumer, further restricted imports. * Australia's first-quarter GDP report is due at 0130 GMT. It is expected to show growth was below potential as a big slowdown in spending by miners was compounded by a still sluggish non-resource sector, even as exports and consumer spending added to growth. * Australian gambling tycoon James Packer is teaming up with a Sri Lankan partner for a $350 million investment, including a hotel with a least 400 rooms, Sri Lanka's investment promotion minister said on Tuesday. ----------------------MARKET SNAPSHOT @ 2253 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1631.38 -0.55% -9.040 USD/JPY 100.19 0.19% 0.190 10-YR US TSY YLD 2.1498 -- 0.000 SPOT GOLD 1398.69 -0.03% -0.350 US CRUDE 93.93 0.66% 0.620 DOW JONES 15177.54 -0.50% -76.49 ASIA ADRS 137.36 1.32% 1.80 ------------------------------------------------------------- * Wall St ends down on fears Fed may scale back stimulus * Oil up 1 pct on South Korea import rebate rumor * Gold down 1 pct as India extends bullion import ban * Copper up on Freeport shutdown For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Thuy Ong; Editing by John Mair) Link this Share this Digg this Email Reprints

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