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Australia shares seen under pressure on China data, metal prices
March 10, 2014 / 10:21 PM / 4 years ago

Australia shares seen under pressure on China data, metal prices

SYDNEY, March 11 (Reuters) - Australian shares look set to open under pressure on Tuesday, following a dip on Wall Street as soft trade data from China and weaker metals prices are likely to keep investors cautious.

* Local share price index futures were flat at 5,421.0, a 9.5-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.9 percent on Monday.

* New Zealand’s benchmark NZX 50 index fell 0.3 percent to 5,102.6 in early trade.

* U.S. stocks dipped on Monday, weighed down by trade data out of China and Boeing’s latest production setback.

* London copper hit an eight-month low on Monday and Shanghai contracts dropped by their 5 percent daily limit, fanned by fears over the unwinding of copper finance deals in China after its first domestic bond default last week.

* Australia’s Austal has won a contract worth $684 million with the U.S. Navy to build two of its aluminum trimaran design.

* Investors will also watch for business conditions and business confidence readings for February, due to be released at 0030 GMT.

----------------- MARKET SNAPSHOT @ 2208 GMT -------------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,877.17 -0.05 -0.870 USD/JPY 103.26 0.01 0.010 10-YR US TSY YLD 2.777 -- 0.000 SPOT GOLD 1,339.66 0.08 1.120 US CRUDE 100.89 -0.23 -0.230 DOW JONES 16,418.68 -0.21 -34.04 ASIA ADRS 143.25 -1.11 -1.60 ----------------------------------------------------------------

* S&P 500 dips after record; China data, Boeing weigh * U.S. oil falls to 3-week low, China slowdown weighs * Gold flat; Ukraine, weak China exports seen supporting * Copper at 8-mth low on fears China deals could unwind

For a digest of the day’s business stories in Australian newspapers, double-click on (Reporting by Maggie Lu Yueyang, editing by G Crosse)

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