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Australia shares seen under pressure as iron ore drops
January 16, 2013 / 10:01 PM / 5 years ago

Australia shares seen under pressure as iron ore drops

Jan 17 (Reuters) - Australian shares are set for a softer
opening on Thursday, following a big drop in iron ore prices, as
investors become cautious about weakening demand from China
ahead of the Chinese New Year holiday.  
    
    * Local share price index futures inched up 0.2
percent, or 8 points, to 4,713.0, thought still a 25.4-point
discount to the underlying S&P/ASX 200 index close. The
benchmark ended 0.5 percent higher at 4,738.4 points on
Wednesday.  
    * New Zealand's benchmark NZX 50 index gained 0.3
percent to 4,181.1 in early trade.
    * The S&P 500 ended nearly flat on Wednesday as solid
earnings from two major banks and a bounceback in Apple 
shares offset concerns about a lower forecast for global growth
in 2013. 
    * Copper fell for a fourth straight session to two-week lows
on Wednesday, reversing from earlier gains, as investors worried
about lack of physical demand ahead of China's Lunar New Year
holiday and the release of GDP data on Friday. 
    * Iron ore extended its decline, posting its biggest daily
drop in 14 months on Wednesday, on uncertainty over steel demand
from top consumer China which curbed appetite for the steel
ingredient. 
    * Australia's top two oil and gas producers, Woodside
Petroleum Ltd and Santos Ltd, will report
their fourth-quarter production figures. 
    * Australia's December jobs data is due at 11:30am on
Thursday, with analysts predicting a rise in the unemployment
rate to 5.4 percent from 5.2 percent. 
      
----------------------MARKET SNAPSHOT @ 2148 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1472.63      0.02%     0.290
USD/JPY                   88.39       -0.44%    -0.390
10-YR US TSY YLD     1.8185          --    -0.017
SPOT GOLD                 1678.79      0.02%     0.290
US CRUDE                  94.14        0.92%     0.860
DOW JONES                 13511.23    -0.17%    -23.66
ASIA ADRS                133.67      -0.83%     -1.12
-------------------------------------------------------------   
                                                        
 
        
  * S&P 500 flat as bank profits temper growth concerns     
  * Brent crude settles higher as February contract expires 
  * Platinum up as SAfrica crisis stirs supply fears      
  * Copper dips on weak demand ahead of China data       
     
    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 Lincoln Feast)

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