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Australia shares seen pulling back; iron ore to buffer
April 27, 2014 / 10:27 PM / 4 years ago

Australia shares seen pulling back; iron ore to buffer

SYDNEY, April 28 (Reuters) - Australian shares are seen pulling back from six-year highs on Monday, following a drop on Wall Street and weighed by the deepening crisis in Ukraine, while stronger iron ore buying may cap the losses.

* Local share price index futures were 0.4 percent lower at 5,507.0, a 24.0-point discount to the underlying S&P/ASX 200 index close. The benchmark gained 0.2 percent last Thursday ahead of the long weekend.

* New Zealand’s benchmark NZX 50 index fell 0.4 percent to 5,135.4 in early trade.

* U.S. stocks dropped on Friday, pulled lower by a selloff in consumer discretionary stocks as bellwether names and Ford Motor fell after their quarterly earnings.

* Base metals prices were under pressure from the deepening crisis in Ukraine on Friday, but copper bucked the trend, edging up to a seven-week high on rising seasonal demand in top metals consumer China.

* Mining veteran and former Xstrata head Mick Davis has offered to buy BHP Billiton’s thermal coal division, which could form the core of his X2 Resources, the Sunday Times said.

* Australian food company Goodman Fielder on Monday said it had received a A$1.27 billion ($1.18 billion) takeover offer proposal from Singapore’s Wilmar International Limited, but said the offer undervalued the company.

--------------MARKET SNAPSHOT @ 22:20 GMT ------------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1,863.40 -0.81% -15.210 USD/JPY 102.17 0.02% 0.020 10-YR US TSY YLD 2.666 -- 0.000 SPOT GOLD $1,303.44 0.05% 0.640 US CRUDE $100.84 0.24% 0.240 DOW JONES 16361.46 -0.85% -140.19 ASIA ADRS 140.20 -0.89% -1.25 -------------------------------------------------------------

* Wall St trips as Amazon tumbles; indexes slip for week * Oil slips on profit taking, Ukraine crisis prices in for now

* Gold rises on Ukraine worries, weaker U.S. equities * Copper steady on China demand, Ukraine tension 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 Meredith Mazzilli

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