Australia shares seen opening flat, shored up by miners

Tue Jul 15, 2014 6:32pm EDT

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MELBOURNE, July 16 (Reuters) - Australian shares were set to
open steady on Wednesday, with gains in the big miners on the
back of improving iron ore prices likely to offset any selling
sparked by U.S. Federal Reserve Chairman Janet Yellen's concern
about overvalued stocks.
    
    * Local share price index futures rose 0.1 percent
to 5,467.0, but that was a 44.3-point discount to the underlying
S&P/ASX 200 index. The benchmark ended flat on Tuesday.
    * New Zealand's benchmark NZX 50 index slipped 3.2
points to 5,112.2 in early trade.
    * On Wall Street, stocks pulled back on Tuesday after
Federal Reserve Chair Janet Yellen and her fellow Fed
policymakers raised concerns about "substantially stretched
valuations" in some sectors. 
    * Copper steadied on Tuesday as optimism about demand for
industrial metals from top consumer China and dovish comments
from the U.S. Federal Reserve offset selling by some traders.
Gold fell 1 percent on the prospects of the Fed ending its
bond-buying stimulus in October.
    * Global miner Rio Tinto and Fortescue Metals Group
 are due to report June quarter production on Wednesday.
    * Investors will be awaiting Chinese GDP data, due at 0200
GMT, looking for signs that Beijing's efforts to stave off a
slowdown have succeeded. Analysts polled by Reuters expect the
economy to have steadied in the second quarter with annual
growth holding at 7.4 percent.

----------------------MARKET SNAPSHOT @ 2217 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1973.28     -0.19%    -3.820
USD/JPY                   101.67      -0.01%    -0.010
10-YR US TSY YLD     2.5522          --     0.000
SPOT GOLD                 1294.64      0.04%     0.540
US CRUDE                  100.15       0.19%     0.190
DOW JONES                 17060.68     0.03%      5.26
ASIA ADRS                151.15      -0.02%     -0.02
-------------------------------------------------------------   
                                                        
        
  * S&P 500, Nasdaq dip on Yellen's comments; Apple up late 
  * Oil rout deepens as Libya, data feed oversupply worries 
  * Gold down 1 pct, below $1,300 on Fed report           
  * Copper edges up, China growth in focus               
    
    For a digest of the day's business stories in Australian 
newspapers, double click on
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