Reuters: Hot Stocks: Australia shares seen flat at start; China worries, Fed meeting may cap

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Australia shares seen flat at start; China worries, Fed meeting may cap Jul 25th 2013, 23:27 Thu Jul 25, 2013 7:27pm EDT Australian shares are set for a flat opening on Friday after Wall Street failed to provide a clear-cut lead, with investors likely to remain cautious on concerns over slowing growth in China and ahead of the U.S. Federal Reserve's policy-setting meeting next week. * Local share price index futures were flat at 4,992.0, but were at a 43.6-point discount to the underlying S&P/ASX 200 index close. The benchmark reversed early losses to finish flat on Thursday. * New Zealand's benchmark NZX 50 index was nearly flat, shedding 0.4 point, to 4,576.4 in early trade. * The Nasdaq climbed on Thursday, led by a rally in Facebook a day after its earnings, but the broader market's advance was modest after another round of mixed earnings reports. * Copper fell back on Thursday after a five-day run-up that lifted prices to a one-month high, under pressure from concerns that a slowing Chinese economy may dent demand from the world's top consumer amid ample global supplies. * Spot iron ore prices rose to their highest in almost three months, backed by expectations for Chinese mills to keep steel production high, in line with firm demand. * Australian fund manager Perpetual Ltd said its funds under management as at 30 June 2013 were A$25.3 billion, down 2.7 percent since 31 March 2013. * Global miner Rio Tinto Ltd has approved the investment of $1.03 billion in the Escondida mine in Chile, with construction to commence in July 2013 and commissioning scheduled in 2017. *The Fed meets next Tuesday and Wednesday, with investors looking for further clues on the future course of its policy. *Global markets have taken a hit in recent months on expectations the Fed will start to roll back its stimulus later this year and on softening growth in China, Australia's biggest export market. ----------------------MARKET SNAPSHOT @ 2305 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1690.25 0.26% 4.310 USD/JPY 99.25 -0.03% -0.030 10-YR US TSY YLD 2.5769 -- 0.000 SPOT GOLD 1334.04 0.08% 1.000 US CRUDE 105.54 0.05% 0.050 DOW JONES 15555.61 0.09% 13.37 ASIA ADRS 142.24 0.32% 0.45 ------------------------------------------------------------- * Nasdaq likes Facebook's surge, but earnings curb Dow, S&P * Brent crude up slightly; gasoline falls nearly 4 cents * Gold rises on dollar drop, economic data in focus * Copper pulls back after five-day rally as China weighs 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 Maggie Lu Yueyang; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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