Reuters: Hot Stocks: Australia shares seen dipping, focus on local earnings

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Australia shares seen dipping, focus on local earnings Aug 6th 2013, 23:14 SYDNEY | Tue Aug 6, 2013 7:14pm EDT SYDNEY Aug 7 (Reuters) - Australian shares are set to open slightly lower on Wednesday, following a soft lead from Wall Street on uncertainty about the U.S. Federal Reserve's stimulus programme, while investors eye the start of the local earnings season. * Local share price index futures slipped 0.4 percent to 5,041.0, a 64.6-point discount to the underlying S&P/ASX 200 index close. The benchmark dipped 0.1 percent on Tuesday. * New Zealand's benchmark NZX 50 index edged down 0.1 percent to 4,570.2 in early trade. * U.S. stocks slid for a second consecutive day on Tuesday after comments from a pair of U.S. Federal Reserve officials left investors uncertain about the timing of a possible reduction in its bond-buying program. * Copper prices rose, helped by a weak dollar and ahead of trade and industrial output data from China this week that should shed light on the outlook for demand from the top metals consumer. * Spot iron ore prices stayed near July highs above $130 a tonne as healthy order books are expected to keep Chinese steel production high, supporting demand for the raw material. * Australia's central bank cut its cash rate by a quarter point to a record low of 2.5 percent on Tuesday as it tries to prepare the economy for life after the mining boom. * Three big-name bidders for Rio Tinto's majority stake in Canada's largest iron ore producer are now out of the running, sources familiar with the talks said, after offers came in well below the mining group's targets. * Australia's mortgage lending for June will be released at 0130 GMT, which is set to indicate a recovery in the housing market on the back of low interest rates. ----------------------MARKET SNAPSHOT @ 2256 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1697.37 -0.57% -9.770 USD/JPY 97.72 -0.02% -0.020 10-YR US TSY YLD 2.6421 -- 0.000 SPOT GOLD 1282.36 0.08% 1.070 US CRUDE 105.67 0.35% 0.370 DOW JONES 15518.74 -0.60% -93.39 ASIA ADRS 141.48 -0.55% -0.78 ------------------------------------------------------------- * Wall St finishes lower on uncertainty about Fed's move * Oil falls on hopes for Iran talks, RINs sell-off hits gasoline * Gold down 1.5 pct, hits near 3-week low on U.S. data * Copper gains on weak dollar, China data eyed this week For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Maggie Lu Yueyang; Editing by Richard Pullin) Link this Share this Digg this Email Reprints

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