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Australian shares seen lower on Wall St; retail sales eyed
August 3, 2014 / 11:21 PM / 3 years ago

Australian shares seen lower on Wall St; retail sales eyed

SYDNEY, Aug 4 (Reuters) - Australian shares are seen weaker in early trade after Wall Street fell for a second session, although an uptick in gold may cap broader losses as investors eye key retail sales data due out later in the day.

Local share price index futures eased 0.5 percent to 5,473, an 83.4-point discount to the underlying S&P/ASX 200 index close. The benchmark fell 1.4 percent on Friday.

* Treasury Wine Estate Ltd said it has received a revised proposal from KKR & Co to acquire the company at A$5.20 cash per share, valuing the world’s second-largest winemaker at A$3.38 billion ($3.15 billion).

* New Zealand’s benchmark NZX 50 index slipped 0.2 percent in early trade.

* U.S. stocks ended lower for a second day on Friday and the S&P 500 posted its biggest weekly decline since 2012 as concerns over Argentina’s default continued to dog sentiment.

* U.S. job growth slowed a bit in July and the unemployment rate unexpectedly rose, pointing to slack in the labor market that could give the Federal Reserve room to keep interest rates low for a while.

* Copper dipped after Chinese data showing manufacturing growth was not enough to outweigh prospects for slowing economic growth and a weaker-than-expected U.S. jobs report.

* Gold rose nearly 1 percent snapping a four-day losing streak.

* Australian retail sales, ANZ job advertisements and Australia’s TD-MI monthly inflation gauge are all due later in the day.

* Fosun International Ltd has entered into a bid implementation agreement and conditional takeover bid for all issued shares of ROC Oil Company Ltd.

* Lonestar Resources Ltd has acquired 5,200 net mineral acres in Brazos County, Texas.

----------------------MARKET SNAPSHOT @ 2258 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1925.15 -0.29% -5.520 USD/JPY 102.56 -0.05% -0.050 10-YR US TSY YLD 2.4943 -- 0.000 SPOT GOLD 1292.81 -0.06% -0.790 US CRUDE 97.72 -0.16% -0.160 DOW JONES 16493.37 -0.42% -69.93 ASIA ADRS 151.87 0.00% 0.00 -------------------------------------------------------------

* S&P 500 posts biggest weekly decline since 2012 * Oil prices tumble on oversupply, weak demand * Gold up about 1 pct after disappointing U.S. jobs data * Copper falls after U.S. jobs data, slower growth prospects for China

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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