Australia shares seen slipping further after Wall Street loss

Mon Apr 7, 2014 6:49pm EDT

SYDNEY, April 8 (Reuters) - Australian stocks are set to
retreat further on Tuesday, mirroring losses in the U.S. market
as investors bid down Internet stocks, while a rebound in copper
prices may offer some support.
    
    * Local share price index futures fell 0.3 percent
to 5,390, a 23.7-point discount to the underlying S&P/ASX 200
index close. The benchmark fell 0.2 percent on Monday.
    * New Zealand's benchmark NZX 50 index fell 1.0
percent to 5,026.0 in early trade.
    * U.S. stocks slid on Monday with the S&P 500 posting its
biggest three-day drop in two months, as investors bid down
Internet stocks and rotated into defensive names to protect
against further declines.
    * Copper recovered on Monday after falling to its lowest
level in over a week as investors nervously awaited signals from
policymakers in top consumer China about monetary policy easing.
    * Japan and Australia clinched a basic trade deal on Monday
to cut import tariffs, as U.S. and Japan officials stepped up
efforts to reach a parallel agreement that would re-energise
stalled talks on a broader regional pact. 
    * Rio Tinto has lost a legal fight to expand its
Warkworth coal mine in Australia, which the global miner said
was necessary to maintain viability as coal markets weaken.
 
    * Global miner Rio Tinto  said on Monday it
will give away its 19.1 percent stake in Northern Dynasty
Minerals Ltd, owner of Alaska's huge Pebble deposit,
after determining that the project does not fit its strategy.
 
    * Investors will watch for the monthly business conditions
and business confidence figures from National Australia Bank. 
    
------------------ MARKET SNAPSHOT @ 2241 GMT ------------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1,845.04    -1.08   -20.050
USD/JPY                   103.06      -0.03    -0.030
10-YR US TSY YLD     2.7007         --     0.000
SPOT GOLD                 1,297.15     0.09     1.110
US CRUDE                  100.72       0.28     0.280
DOW JONES                 16,245.87   -1.02   -166.84
ASIA ADRS                141.38      -0.65     -0.92
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 * Wall St ends lower; S&P 500 biggest 3-day drop since Jan 
 * Oil futures drop on Libyan supply concerns, falling stock
markets 
 * Gold dips on weak investor interest after jobs rally 
 * Copper up as investors look to China for monetary easing
 
    
    For a digest of the day's business stories in Australian 
newspapers, double-click on 

 (Reporting by Maggie Lu Yueyang, editing by G Crosse)
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