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Australia shares seen extending losses on Fed stimulus worries
June 5, 2013 / 11:26 PM / 4 years ago

Australia shares seen extending losses on Fed stimulus worries

SYDNEY, June 6 (Reuters) - Australian shares are set to open
lower on Thursday, extending losses after touching a 4-1/2-month
low and tracking a decline on Wall Street on renewed worries the
Federal Reserve may begin to scale back its bond-buying
stimulus. 
    
    * Local share price index futures fell 1 percent to
4,784.0, a 51.2-point premium/discount to the underlying S&P/ASX
200 index close. 
    The local benchmark slumped 1.3 percent in the last session
to a 4-1/2-month low on a disappointing reading of Australia's
economic growth. 
    * New Zealand's benchmark NZX 50 index fell 0.9
percent to 4,412.2 in early trade.
    * U.S. stocks dropped 1 percent on Wednesday, extending a
recent selloff, as investors grappled with concerns that the
Federal Reserve may begin to scale back its bond-buying stimulus
while the economy is still sluggish. 
    * Copper was unchanged on Wednesday as a shutdown at the
world's second-largest mine of the metal supported prices and
offset the impact of data suggesting top consumer China's
economy is struggling.  
    * Qantas Airways Ltd said on Thursday that Hong
Kong conglomerate Shun Tak would join the airline and China
Eastern Airlines Corp Ltd taking a 33.3 percent
share of Jetstar Hong Kong. 
    * Air New Zealand Ltd said on Thursday that it
would increase its stake in Virgin Australia Holdings Ltd
 by 3 percentage points to 22.99 percent, subject to
regulatory approval. 

----------------------MARKET SNAPSHOT @ 2318 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1608.9      -1.38%   -22.480
USD/JPY                   98.99       -0.07%    -0.070
10-YR US TSY YLD     2.091           --     0.000
SPOT GOLD                 1401.71     -0.08%    -1.090
US CRUDE                  93.81        0.07%     0.070
DOW JONES                 14960.59    -1.43%   -216.95
ASIA ADRS                133.57      -2.76%     -3.79
-------------------------------------------------------------   
                                                        

        
  * Wall St drops as fears of less Fed stimulus mount       
  * Brent oil ends lower on U.S. refinery start-up report  
  * Gold gains after private U.S. jobs growth misses
forecast 
  * Copper steady on mine shutdown, weak demand outlook caps
gains                                                  
    
    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 Stephen Coates)

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