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Australia shares seen edging lower on soft commodities prices
March 9, 2014 / 10:15 PM / 4 years ago

Australia shares seen edging lower on soft commodities prices

SYDNEY, March 10 (Reuters) - Australian shares look set to
edge lower at open on Monday, following Wall Street's modest
gain, as softness in metal and commodity prices hold back the

    * Local share price index futures were down 0.3
percent at 5,456.0, a 6.3-point discount to the underlying
S&P/ASX 200 index close. The benchmark added 0.3 percent
on Friday.
    * New Zealand's benchmark NZX 50 index fell 0.4
percent to 5,103.7 in early trade.
    * U.S. stocks finished mostly higher on Friday, with the S&P
500 closing at a record after more jobs than expected were
created in February and January's figure was revised higher. 
    * Copper fell to its lowest level in over seven months on
Friday as China's first domestic bond default added to growing
concerns this week about slower economic growth in the world's
top copper consumer.
    * Wesfarmers Ltd, one of Australia's largest
retailers, plans to sell its insurance broking business via an
initial public offering worth around A$1.12 billion ($1.02
billion), media reported on Saturday. 
    * Insurance Australia Group Ltd said on Monday
morning it was seeking to raise a minimum of A$200 million of
subordinated debt. 

----------------- MARKET SNAPSHOT @ 2201 GMT -------------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1,878.04     0.05     1.010
USD/JPY                   103.12      -0.13    -0.130
10-YR US TSY YLD     2.7897        --      0.000
SPOT GOLD                 1,337.68    -0.10    -1.360
US CRUDE                  102.64       0.06     0.060
DOW JONES                 16,452.72    0.19     30.83
ASIA ADRS                144.85      -0.99     -1.44
* S&P 500 ends at another record after strong jobs data  
* U.S. oil rises $1 on jobs data, West-Russia tensions   
* Gold down 1 pct after U.S. jobs data; posts weekly gain 
* Copper falls to 7-month low on China growth concerns  
    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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