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Australia shares may dip, but resources stocks may curb losses
July 21, 2014 / 10:36 PM / in 3 years

Australia shares may dip, but resources stocks may curb losses

MELBOURNE, July 22 (Reuters) -    
    Australian shares are set to open a touch lower on Tuesday
with investors wary of the escalating crises in Gaza and
Ukraine. But gains in oil, gold and other metals should bolster
resources stocks, paring any market losses.
    
    * Local share price index futures slipped 0.1
percent to 5,493.0, a 43.9-point discount to the underlying
S&P/ASX 200 index, pointing to a weaker opening. The
benchmark rose 0.2 percent on Monday.
    * New Zealand's benchmark NZX 50 index fell 4 points
to 5,122.8 in early trade.
    * U.S. stocks slipped on Monday as violence escalated in the
Gaza Strip and fighting flared in Ukraine, though the three
major indexes ended well off their lows, a sign that some
appetite for riskier assets remained. 
    * Zinc and aluminium prices hit their highest in more than a
year as investors sought exposure to commodities with improved
fundamentals. Copper's gains were curbed by worries over China's
property sector and a buildup of stocks.
    * Gold rose above $1,300 an ounce, and oil prices rose, too,
with September Brent crude oil gaining 44 cents to
settle at $107.68 a barrel. 
   

----------------------MARKET SNAPSHOT @ 2215 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1973.63     -0.23%    -4.590
USD/JPY                   101.42       0.03%     0.030
10-YR US TSY YLD     2.4692          --     0.000
SPOT GOLD                 1311.4      -0.01%    -0.190
US CRUDE                  104.57      -0.02%    -0.020
DOW JONES                 17051.73    -0.28%    -48.45
ASIA ADRS                150.79       0.06%      0.09
-------------------------------------------------------------   
                                                        

        
  * Wall St finishes slightly lower, Chipotle rises late    
  * Oil firms on Ukraine crisis; August WTI spikes         
  * Gold rises above $1,300 on heightened tensions        
  * Zinc, aluminium hit multi-month highs, copper steady 
    
    For a digest of the day's business stories in Australian 
newspapers, double click on    

 (Editing by Jan Paschal)

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