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Australia shares seen extending losses on Wall Street drop, iron ore prices
January 13, 2014 / 10:26 PM / 4 years ago

Australia shares seen extending losses on Wall Street drop, iron ore prices

SYDNEY, Jan 14 (Reuters) - Australian shares are seen
falling further from three-week lows after Wall Street tumbled
overnight as investors exercise caution ahead of the coporate
reporting season, and iron ore prices fell to near record lows.
    
    * Local share price index futures fell 0.9 percent,
a 79.1-point discount to the underlying S&P/ASX 200 index
 close. The benchmark fell 0.4 percent on Monday.
    * New Zealand's benchmark NZX 50 index fell 0.4
percent in early trade.
    * U.S. stocks tumbled on Monday on caution ahead of
corporate results, as mounting negative pre-announcements left a
lackluster profit growth outlook. 
    * Chinese iron ore futures fell 1 percent to their lowest
since the contracts were lauched in October as weaker steel
prices curbed demand for the raw material.
    * Nickel rose on Monday to hit a two-week high, adding to
Friday's near 4 percent gains, as a ban on unprocessed ore
exports from Indonesia, the world's biggest nickel ore exporter,
came into effect. 
    * Gold rose to a one-month high as fresh losses in U.S.
equities triggered safe-haven buying. 
    
    
----------------------MARKET SNAPSHOT @ 2212 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1819.2      -1.26%   -23.170
USD/JPY                   103.01       0.03%     0.030
10-YR US TSY YLD     2.8285          --    -0.031
SPOT GOLD                 1252.54     -0.04%    -0.520
US CRUDE                  91.55       -1.26%    -1.170
DOW JONES                 16257.94    -1.09%   -179.11
ASIA ADRS                146.10      -0.97%     -1.42
-------------------------------------------------------------   
                                                        

        
  * Wall St slides on caution ahead of earnings             
  * Oil slips after news from Iran, Libya, North Sea       
  * Gold rises to one-month high as U.S. equities drop    
  * Nickel jumps on Indonesian ore export ban            
    
    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 Bernard Orr)

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