Reuters: Hot Stocks: Australia shares seen slipping from 5-yr highs, Fed meeting in focus

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Australia shares seen slipping from 5-yr highs, Fed meeting in focus Sep 12th 2013, 23:10 SYDNEY, Sept 13 | Thu Sep 12, 2013 7:10pm EDT SYDNEY, Sept 13 (Reuters) - Australian shares are seen retreating from 5-year highs on Friday as global markets brace for next week's decision by the U.S. Federal Reserve on its massive monetary stimulus programme, while a drop in metals prices may hurt miners. * Local share price index futures fell 0.2 percent, a 12.5-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.2 percent on Thursday to a five-year high, underpinned by post-election optimism and upbeat data from Australia's major trading partner China. * New Zealand's benchmark NZX 50 index rose 0.1 percent in early trade. * U.S. stocks slipped on Thursday, ending seven straight days of gains by the S&P 500 index as a drop in precious metal prices dragged mining shares lower. * Copper fell to its lowest level in five weeks on investor caution ahead of the U.S. Federal Reserve's stimulus decision next week and on data showing the euro zone economy's fragility. * Gold dropped 3 percent, its biggest one-day drop in more than two months, as a sudden price tumble in the futures market shattered investor confidence. * Sri Lanka has approved a hotel and leisure resort deal with Australian gambling tycoon James Packer's Crown Ltd and the investment is likely to surpass the original $350 million. ----------------------MARKET SNAPSHOT @ 2249 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1683.42 -0.34% -5.710 USD/JPY 99.53 -0.01% -0.010 10-YR US TSY YLD 2.9048 -- 0.000 SPOT GOLD 1322.41 0.17% 2.220 US CRUDE 108.63 0.03% 0.030 DOW JONES 15300.64 -0.17% -25.96 ASIA ADRS 144.99 -0.87% -1.27 ------------------------------------------------------------- * Wall St retreats after 7 up sessions; miners lead decline * Oil rises for second day as investors watch Syria * Gold falls 3 pct after sudden early drop saps momentum * Copper slides to 5-week low; Fed meeting in focus 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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