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CORRECTED-Australia shares seen slipping on Wall Street as earnings season continues
August 24, 2014 / 10:56 PM / 3 years ago

CORRECTED-Australia shares seen slipping on Wall Street as earnings season continues

(Corrects Orora graf)

SYDNEY, Aug 25 (Reuters) - Australian shares are set to slip from six-year highs on Monday to follow Wall Street lower, though the resource sector may buoy the market as metals prices gained traction and investors continue to eye earnings reports.

* Local share price index futures fell 0.2 percent to 5,599, a 46.6-point discount to the underlying S&P/ASX 200 index close. The benchmark edged 0.1 percent higher on Friday, its seventh consecutive session of gains and its longest streak since mid-July. The ASX 200 gained 1.4 percent for the week.

* New Zealand’s benchmark NZX 50 index rose 0.3 percent in early trade.

* U.S. stocks ended mostly lower on Friday as Ukraine-Russia tensions reignited and remarks from Federal Reserve Chair Janet Yellen failed to give investors any clues on interest rate hikes.

* Copper hit its highest levels in a fortnight on Friday and was on track for its biggest weekly rise in nearly a year on brightening U.S. economic hopes and the prospect of extended low interest rates.

* Gold prices edged up on Friday as U.S. equities slipped, but gains were limited after Federal Reserve Chair Janet Yellen said U.S. labor markets remain hampered by the effects of the Great Recession.

* From its pro forma results, Orora Ltd says its sales revenue rose 7.9 percent to A$3.2 billion.

* UGL Ltd says its full year net profit was A$62.1 million compared to A$36.5 million compared to the previous year.

* Bluescope Steel Ltd said its full year sales rose 10 percent to A$7.98 billion.

----------------------MARKET SNAPSHOT @ 2252 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1988.4 -0.2% -3.970 USD/JPY 104.22 0.27% 0.280 10-YR US TSY YLD 2.4033 -- 0.000 SPOT GOLD 1276.29 -0.35% -4.540 US CRUDE 93.41 -0.26% -0.240 DOW JONES 17001.22 -0.22% -38.27 ASIA ADRS 153.65 -0.36% -0.56 -------------------------------------------------------------

* S&P 500, Dow end lower after Ukraine tension escalates * U.S. crude falls, down for fifth week, on ample supply * Gold rises slightly after Yellen comment, but outlook firm * Copper hits 2-week high after Yellen speech

For a digest of the day’s business stories in Australian newspapers, double click on

Reporting by Thuy Ong; Editing by Eric Walsh

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