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Australia shares seen lower on caution about U.S., China
November 8, 2012 / 10:31 PM / 5 years ago

Australia shares seen lower on caution about U.S., China

CANBERRA, Nov 9 (Reuters) - Australian shares are seen
opening with a soft tone on Friday, following extended losses in
Wall Street with investors cautious about U.S. fiscal woes and
the leadership change in China, Australia's top consumer of
resources. 
    
    * Local share price index futures are down 0.9
percent at 4,446.0, a 37.8-point discount to the underlying
S&P/ASX 200 index close. The benchmark fell 0.7 percent
to 4,483.8 on Thursday.     
    * New Zealand's benchmark NZX 50 index edged down
0.1 percent to 3,951.1 in early trade.
    * U.S. stocks fell on Thursday and could be in line for more
weakness as worries about Washington's ability to find a timely
solution in coming weeksto the "fiscal cliff" dominating
investor thinking. 
    * Copper edged higher on Thursday in cautious trade ahead of
a leadership transition in top metals consumer China, which may
result in fresh economic stimulus measures, while concerns about
weak demand and the U.S. economy capped the upside. 
    * Australian employment rose by more than expected for a
second straight month in October, helping keep the jobless rate
steady and forcing the market to lengthen the odds of a cut in
interest rates before year end. 
    * Shares in Australia's Lynas Corp rose 11.8
percent on Thursday after a Malaysian court lifted a suspension
on its licence to operate a controversial rare earths processing
plant. 
    * Mine construction firm Macmahon Holdings Ltd will
hold its annual general meeting for shareholders. It warned in
September its profit would fall as much as 64 percent this year
due to weaker mining demand and a troubled contract.
 

----------------------MARKET SNAPSHOT @ 2208 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1377.51     -1.22%   -17.020
USD/JPY                   79.46        0.01%     0.010
10-YR US TSY YLD     1.6182          --    -0.026
SPOT GOLD                 1731.15      0.07%     1.160
US CRUDE                  85.06        0.73%     0.620
DOW JONES                 12811.32    -0.94%   -121.41
ASIA ADRS                118.74      -0.86%     -1.03
-------------------------------------------------------------   
                                                         
        
  * Wall St falls as U.s. fiscal worries weigh              
  * Oil rebounds after plunge, economy concerns limit rise 
  * Gold holds near $1,715/oz, focus on euro zone         
  * Copper edges up; worries about US economy cap 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)

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