Reuters: Hot Stocks: Australian shares seen subdued on China worry, new Australian prime minister

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Australian shares seen subdued on China worry, new Australian prime minister Jun 26th 2013, 23:14 SYDNEY, June 27 | Wed Jun 26, 2013 7:14pm EDT SYDNEY, June 27 (Reuters) - Australian shares are seen having a subdued start on Thursday, after Wall Street rallied overnight, due to underlying concerns over slower growth in China and political uncertainty after the surprise change of prime minister late on Wednesday. * Local share price index futures rose 0.4 percent, but was still a 7.7-point discount to the underlying S&P/ASX 200 index close. The benchmark snapped a four-day losing streak and jumped 1.6 percent on Wednesday. * New Zealand's benchmark NZX 50 index rose 0.5 percent in early trade. * U.S. stocks rallied for a second day on Wednesday, recouping some recent losses on reduced concern that the Federal Reserve will begin to withdraw its stimulus in the near future. * Copper slipped on Wednesday on concerns about the outlook for demand from top consumer China as moves by the country's central bank to ease fears of a credit crunch failed to fully reassure investors. * Gold tumbled 4 percent, taking it near a three-year low as a rallying U.S. equity markets further cut into demand for bullion as a hedge against economic uncertainty. * Australia's ruling Labor party leader Kevin Rudd is due to be sworn in as prime minister after he toppled Julia Gillard on Wednesday night, taking back the top job with an election due within three months and with the government's poll standing in the doldrums. * Mining company Rio Tinto has suspended coal shipments from northwest Mozambique after the opposition Renamo party, a former guerrilla group, threatened to disrupt the Sena railway "coal corridor" to the Indian Ocean. ----------------------MARKET SNAPSHOT @ 2252 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1603.26 0.96% 15.230 USD/JPY 97.72 0.02% 0.020 10-YR US TSY YLD 2.5409 -- 0.000 SPOT GOLD 1228.36 0.25% 3.120 US CRUDE 95.53 0.03% 0.030 DOW JONES 14910.14 1.02% 149.83 ASIA ADRS 131.03 0.52% 0.68 ------------------------------------------------------------- * Wall St climbs as GDP data eases fear of Fed pullback * Oil edges higher on easing Fed concerns, spread trading * Gold slides 4 pct, near 3-year low as Wall St rallies * Copper slips on uncertainty over Chinese demand 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 Michael Perry) Link this Share this Digg this Email Reprints

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