July 8, 2014 / 11:18 PM / in 3 years

Australia shares seen easing as Wall St falls, resources may buoy

SYDNEY, July 9 (Reuters) - Australian shares are set to lose further ground on Wednesday from this week’s one-month high after a broad sell-off on Wall Street, although an uptick in metals prices may support the resources sector.

* Local share price index futures dipped 0.4 percent to 5448.0, a 62.9-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 0.2 percent on Tuesday.

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

* U.S. stocks fell in a broad selloff on Tuesday, dropping for a second straight session and driving the Dow below 17,000 as investors turned cautious before the start of earnings season.

* Copper, aluminium and zinc touched fresh peaks overnight, driven by speculators buying back short positions as the outlook for the global economy brightened.

* Meanwhile benchmark 62-percent grade iron ore for immediate delivery to China .IO62-CNI=SI rose to $96.50 a tonne, continuing its recovery from June’s slide to $89.

* Chinese steel giant Baosteel Resources and Australian rail operator Aurizon Holdings Ltd said they will make a compulsory acquisition of Aquila Resources Ltd after raising their joint stake to over 90 percent.

* Navitas Ltd says it has reached an agreement with Macquarie University to extend its existing partnership, while also reaffirming their EBITDA guidance for the year ended 30 June 2014.

* Yellow Brick Road Holdings Ltd has acquired Resi Mortgage Corporation for A$36 million. The company said it has also secured firm commitments to raise A$42 million via private placements.

* An Australian consumer sentiment survey from Westpac Banking Corp is due out later in the day.

----------------------MARKET SNAPSHOT @ 2259 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1963.71 -0.7% -13.940 USD/JPY 101.51 -0.06% -0.060 10-YR US TSY YLD 2.5594 -- #N/A SPOT GOLD 1318.1 -0.04% -0.500 US CRUDE 103.45 0.05% 0.050 DOW JONES 16906.62 -0.69% -117.59 ASIA ADRS 150.99 -0.80% -1.22 -------------------------------------------------------------

* Wall St drops on earnings caution; Dow below 17,000 * Brent oil sinks for 7th straight day to a 1-month low * Palladium at 13-year high on lingering supply concerns * Copper hits highest since Feb, zinc races to 3-yr peak

For a digest of the day’s business stories in Australian newspapers, double click on (Reporting by Thuy Ong; Editing by Richard Pullin)

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