Reuters: Hot Stocks: Australia shares seen falling on Wall St, earnings eyed

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Australia shares seen falling on Wall St, earnings eyed Aug 14th 2013, 22:27 SYDNEY | Wed Aug 14, 2013 6:27pm EDT SYDNEY Aug 15 (Reuters) - Australian shares are set to open lower on Thursday after Wall Street fell overnight and investors remain cautious over when the Federal Reserve might taper its stimulus measures, but a rise in metals prices may cap losses. Investors will also eye more earnings reports due to be released later in the day. * Local share price index futures fell 0.2 percent, a 48.4-point discount to the underlying S&P/ASX 200 index close. The benchmark finished steady at 5,157.4 points on Wednesday. * New Zealand's benchmark NZX 50 index was flat in early trade. * U.S. stocks fell on Wednesday, with the Dow industrials posting the worst day since late June, as investors speculated when the Federal Reserve might begin to reduce its ultra-loose monetary policy, which has helped propel stocks to record highs. * Copper rose as data showing a recovery in the euro zone economy and optimism about the outlook for growth in top metals consumer China boosted confidence about demand for industrial materials. Iron ore prices were hovering near five-month highs. * Fortescue Metals Group Ltd's attempt to avoid being forced to open its rail line to aspiring iron ore producer Brockman Mining was blocked by an Australian state regulator on Wednesday. * Rio Tinto Ltd said it would have to cut up to 1,700 jobs in its Mongolian operation, after a more than $5 billion underground expansion of the giant Oyu Tolgoi copper mine was suspended. * AMP Ltd posted a smaller-than-expected 10 percent fall in its half-year profit as its life insurance unit weighed down results, and said its chief executive was retiring. * Goodman Group Pty Ltd and Wesfarmers Ltd are due to report their earnings later on Thursday. ----------------------MARKET SNAPSHOT @ 2216 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1685.39 -0.52% -8.770 USD/JPY 97.98 -0.15% -0.150 10-YR US TSY YLD 2.7117 -- 0.000 SPOT GOLD 1335.51 0.07% 0.920 US CRUDE 106.98 0.12% 0.130 DOW JONES 15337.66 -0.73% -113.35 ASIA ADRS 142.54 -0.34% -0.49 ------------------------------------------------------------- * Wall St falls on uncertainty about Fed's next move * Oil reaches 4-month high as Middle East tensions flair * Gold rises 1 pct on commodities rally; silver up too * Copper gains on demand hopes as economies recover 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 Lincoln Feast) Link this Share this Digg this Email Reprints

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