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Australia shares seen slipping on Fed taper worries
December 2, 2013 / 9:41 PM / 4 years ago

Australia shares seen slipping on Fed taper worries

MELBOURNE, Dec 3 (Reuters) - Australian shares are set to
open lower on Tuesday, after Wall Street dipped and metals
prices fell on fears the U.S. Federal Reserve may start winding
back stimulus soon on the back of solid manufacturing and
construction data.
    * Local share price index futures fell 0.5 percent
to 5,257.0, a 22.5-point discount to the underlying S&P/ASX 200
index close. The benchmark fell 0.8 percent on Monday.
    * New Zealand's benchmark NZX 50 index slipped 0.2
percent to 4,783.6 in early trade.
    * U.S. stocks closed lower on Monday, with investors unable
to find new reasons to keep pushing shares higher after eight
straight weeks of gains, while the mining sector slid alongside
sharp drops in precious metals prices.
    * Copper extended last month's losses on Monday as upbeat
U.S. economic data spurred renewed fears about the Federal
Reserve trimming monetary stimulus and the dollar strengthened.
    * The U.S. Institute for Supply Management said its index of
national factory activity rose in November to its best showing
since April 2011, while the pace of hiring in the sector also
accelerated. In addition, construction spending increased 0.8
percent in October, the highest since May 2009.
    * The Reserve Bank of Australia holds its policy meeting on
Tuesday, with a Reuters poll of 20 analysts showing all expect
the central bank to hold rates at a record low of 2.5 percent.

----------------------MARKET SNAPSHOT @ 2127 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1800.9      -0.27%    -4.910
USD/JPY                   102.92        0.5%     0.510
10-YR US TSY YLD     2.7988          --     0.058
SPOT GOLD                 1219.25     -2.62%   -32.740
US CRUDE                  93.89        1.26%     1.170
DOW JONES                 16008.77    -0.48%    -77.64
ASIA ADRS                148.85      -0.72%     -1.08
  * Wall St ends lower as mining companies slump            
  * Oil hits 10-week high; China and U.S. data strong      
  * Gold drops 2.6 pct as strong US data fuels fund       
  * Copper falls as strong U.S. data fan Fed taper fears 
    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 

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