Reuters: Hot Stocks: Australia shares seen slipping on China growth worries

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Australia shares seen slipping on China growth worries Jul 30th 2013, 23:00 Tweet Share this Email Print Tue Jul 30, 2013 7:00pm EDT MELBOURNE, July 31 (Reuters) - Australian shares are poised to open a touch lower on Wednesday, with miners weighed down by worries that manufacturing in top metals consumer China contracted in July. * Stock index futures rose 0.1 percent to 5,014.0, but that was a 33.2-point discount to the underlying S&P/ASX 200 index close. The benchmark reversed early losses to finish flat on Tuesday. * New Zealand's benchmark NZX 50 index ticked 1 point higher to 4,551.8 in early trade. * The S&P 500 and Nasdaq ended higher on Tuesday, lifted by gains in the technology sector, while potash shares were the day's big losers. * Copper slid to its weakest in nearly three weeks on Tuesday as expectations of weak manufacturing data from top consumer China dimmed prospects for growth in metals demand. * Top global miner BHP Billiton may dip on worries about its undeveloped potash assets, after potash producers' share prices were clobbered on fears of a price war for the key crop nutrient as Russian potash giant Uralkali said it would quit its marketing joint venture with Belaruskali. * Origin Energy is due to release its June quarter production report on Wednesday. ----------------------MARKET SNAPSHOT @ 2248 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1685.96 0.04% 0.630 USD/JPY 98.06 0.03% 0.030 10-YR US TSY YLD 2.6063 -- 0.000 SPOT GOLD 1326.89 0.02% 0.200 US CRUDE 103.13 0.05% 0.050 DOW JONES 15520.59 -0.01% -1.38 ASIA ADRS 138.60 0.18% 0.24 ------------------------------------------------------------- * S&P 500, Nasdaq end up as tech gains; potash shares sink * Oil slips, spread widens as U.S. rally seen excessive * Gold eases in quiet trade, all eyes on Fed meeting * Copper falls to 3-week low on fears of China gloom 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 Andrew Hay) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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