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Australia shares seen opening lower after Yellen flags possible rate rise
March 19, 2014 / 9:21 PM / 4 years ago

Australia shares seen opening lower after Yellen flags possible rate rise

SYDNEY, March 20 - Australian shares are set to open lower on Thursday, following losses on Wall Street after Federal Reserve Chair Janet Yellen said the U.S. central bank could start to raise interest rates early next year.

* Local share price index futures fell 0.6 percent to 5,324, an 31.6-point discount to the underlying S&P/ASX 200 index close. The benchmark edged up 0.2 percent on Wednesday.

* New Zealand’s benchmark NZX 50 index fell 0.3 percent to 5,141.4 in early trade.

* The Federal Reserve will probably end its massive bond-buying program this coming fall, and could start to raise interest rates around six months later, Fed Chair Janet Yellen said on Wednesday.

* U.S. stocks fell on Wednesday after Yellen’s comments raised the possibility of an earlier-than-anticipated increase in rates.

* London Metal Exchange (LME) copper rose sharply on Wednesday after the market’s drop to its lowest level in more than 3-1/2 years prompted buying from speculators and consumers.

* Tin mining is set to resume in the United Kingdom some 16 years after the last mine closed, as an Australian-listed company Wolf Minerals revives a tradition dating back to the Bronze Age.

* Australia’s biggest department store will release its first-half results on Thursday. ----------------------MARKET SNAPSHOT @ 2107 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1860.77 -0.61% -11.480 USD/JPY 102.33 0% 0.000 10-YR US TSY YLD 2.7716 -- 0.093 SPOT GOLD 1329.64 -1.92% -26.000 US CRUDE 100.42 0.72% 0.720 DOW JONES 16222.17 -0.70% -114.02 ASIA ADRS 138.99 -1.02% -1.43 -------------------------------------------------------------

* Wall St drops after Yellen moves up possible rate hike * Brent oil falls as Russian supply worries ease * Gold falls 1.8 pct as dollar rises after Fed statement * Copper jumps after price fall sparks fresh buying

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 Maggie Lu Yueyang; Editing by Andrew Roche

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