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Australia shares seen supported by iron ore prices
January 7, 2013 / 10:41 PM / 5 years ago

Australia shares seen supported by iron ore prices

SYDNEY, Jan 8 (Reuters) - Australian shares may find it hard
to revisit their 19-month highs on Tuesday after global share
markets eased, but miners are likely to be supported by firmer
iron ore prices and signs of improved growth in China. 
        
    * Local share price index futures inched up 0.1
percent, or 5 points to 4,697.0, a 20.3-point discount to the
underlying S&P/ASX 200 index close. The benchmark
slipped 0.1 percent to 4,717.3 on Monday.
    * New Zealand's benchmark NZX 50 index eased 0.1
percent from a 5-year high to 4,081.9 in early trade.
    * U.S. stocks lost ground on Monday, as investors drew back
from recent gains that lifted the S&P 500 to a five-year high,
in anticipation of sluggish growth in corporate profits. 
    * Copper eased on Monday as the dollar rose and investors
remained concerned the U.S. Federal Reserve might halt asset
purchases, but losses were limited by an improved growth outlook
in the United States and China, and less gloom in Europe. 
    * China steel futures hit their highest in more than six
months on Monday, backed by a revival in demand in the world's
top steel consumer that has fueled a buying spree for raw
material iron ore and lifted prices to levels last seen in
October 2011. 
    * Australia will release its trade balance for November on
Tuesday, with the trade deficit expected to widen to around
A$2.3 billion. 
----------------------MARKET SNAPSHOT @ 2204 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1461.89     -0.31%    -4.580
USD/JPY                   87.79        0.02%     0.020
10-YR US TSY YLD     1.8991          --    -0.004
SPOT GOLD                 1646.9       0.02%     0.260
US CRUDE                  93.29        0.21%     0.200
DOW JONES                 13384.29    -0.38%    -50.92
ASIA ADRS                133.99      -0.95%     -1.28
-------------------------------------------------------------   
                                                        
          
  * Wall St edges off 5-year high, awaits earnings         
  * Oil firm, Brent's premium to US narrowest since Sept  
  * Gold falls, Fed asset purchases in focus             
  * Copper dips on firmer dlr; growth outlook supports  
    
    For a digest of the day's business stories in Australian 
newspapers, double click on    

 (Reporting By Maggie Lu Yueyang; Editing by John Mair)

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