Reuters: Hot Stocks: Australia shares set to retreat on support for US action against Syria

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Australia shares set to retreat on support for US action against Syria Sep 3rd 2013, 23:17 SYDNEY, Sept 4 | Tue Sep 3, 2013 7:17pm EDT SYDNEY, Sept 4 (Reuters) - Australian shares are seen retreating from 3-1/2 month highs on Wednesday, as investors are likely to tread cautiously after top U.S. congressional leaders backed military action against Syria. A modest rise on Wall Street and a rally in gold prices may temper the losses. * Local share price index futures fell 0.7 percent, a 44.6-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.2 percent on Tuesday to its highest close since May 20. * New Zealand's benchmark NZX 50 index rose 0.1 percent in early trade. * U.S. stocks rose on Tuesday but were far off session highs after top Republicans voiced support for U.S. President Barack Obama's call for military strikes against Syria. * Copper ended little changed on Tuesday as robust U.S. and Chinese economic data offset the effects of a firmer dollar. Gold climbed 1.4 percent to within striking distance of their 3-1/2-year high. * Australia second quarter GDP is due out later on Wednesday. The report is likely to underscore sub-par growth, justifying the Reserve Bank of Australia's recent move to cut the cash rate to a record low 2.5 percent and to keep the door open to more easing. *The RBA held the cash rate steady on Tuesday. ----------------------MARKET SNAPSHOT @ 2250 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1639.77 0.42% 6.800 USD/JPY 99.62 0.06% 0.060 10-YR US TSY YLD 2.8632 -- 0.000 SPOT GOLD 1411.2 -0.06% -0.840 US CRUDE 108.54 0.00% 0.000 DOW JONES 14833.96 0.16% 23.65 ASIA ADRS 139.96 2.48% 3.39 ------------------------------------------------------------- * Wall St up but rally fizzles on support for Syria strike * Oil settlees higher on tight supplies, Syria worries * Gold up 1.4 pct as Republicans back US strike on Syria * Copper little changed on strong US data and dollar 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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