Reuters: Hot Stocks: Australia shares seen subdued ahead of CPI, China PMI

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Australia shares seen subdued ahead of CPI, China PMI Jul 23rd 2013, 23:13 SYDNEY, July 24 | Tue Jul 23, 2013 7:13pm EDT SYDNEY, July 24 (Reuters) - Australian shares are seen subdued on Wednesday morning as investors remain cautious ahead of key local inflation and Chinese manufacturing data due later in the day, though a rise in metals prices may support the market. * Local share price index futures rose 0.1 percent but they were a 37.1-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 rose 0.2 percent in early trade. * The S&P 500 snapped a four-day winning streak on Tuesday and pulled back from Monday's record closing high, while healthy earnings from United Technologies gave the Dow a slight lift. * Copper held steady on Tuesday near a one-month peak as the dollar fell and on steady buying from China, although investors remain concerned about forecasts of a supply glut. * Gold rose to a one-month high on Tuesday as speculators bought back bearish bets ahead of an option expiry later this week after the metal rallied further above a technical threshold at $1,300 an ounce breached in the previous session. * Atlas Iron Ltd released its production report for the June quarter showing output was up 16 percent on the March quarter. * Australia's second quarter consumer price index data is due out mid-morning. The number is closely watched by markets and analysts generally expect another soft reading, in line with the RBA's outlook for underlying CPI to remain within its 2-3 percent target band. A lower-than-expected outcome will likely lead markets to price in a greater chance of the RBA cutting rates next month. * China, Australia's largest export market, will release its manufacturing data later on Wednesday. ----------------------MARKET SNAPSHOT @ 2254 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1692.39 -0.19% -3.140 USD/JPY 99.49 0.09% 0.090 10-YR US TSY YLD 2.5068 -- 0.000 SPOT GOLD 1343.61 -0.29% -3.880 US CRUDE 107.45 0.21% 0.220 DOW JONES 15567.74 0.14% 22.19 ASIA ADRS 143.12 0.44% 0.63 ------------------------------------------------------------- * S&P 500 dips and Dow gains on UTX; Apple up late * Oil rises in volatile spread trading * Gold rises to 1-month high on options-related buying * Copper steady on China railway plans, surplus a concern 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 Shri Navaratnam) Link this Share this Digg this Email Reprints

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