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Australia shares seen steady; gold, iron ore halt falls
June 3, 2014 / 11:23 PM / in 3 years

Australia shares seen steady; gold, iron ore halt falls

SYDNEY, June 4 (Reuters) - Australian shares are seen marking time in early trade on Wednesday, with gold and iron ore finding a footing after recent falls and Wall Street pulling back slightly from record closing levels.

* Local share price index futures added 0.2 percent, a 12.3-point premium to the underlying S&P/ASX 200 index close. The benchmark fell 0.7 percent on Tuesday.

* New Zealand’s benchmark NZX 50 index slipped 0.1 percent in early trade.

* U.S. stocks dipped in thin volume on Tuesday, with the Dow and the S&P 500 retreating from Monday’s record closing levels as traders found few reasons to buy following a string of gains.

* Chinese steel futures dropped for a fourth session to hit an all-time low on Tuesday, reflecting pressure on demand from a weak property sector and hefty supply as markets reopened after a holiday weekend.

* Copper eased as investors worried about an expected settlement of a dispute in Indonesia that could restart concentrate exports and the impact of a probe at a top Chinese port that has halted shipments. Gold prices rose for the first time in six days.

* Australia’s Westfield Group, the world’s biggest retail property group, asked shareholders for a second time to back a plan to split the business along geographic lines, warning they will never again have a comparable investment opportunity if they vote against it.

* Devine Ltd has lifted its full year guidance, saying it expects profit to be between A$12 million and A$14 million.

* Australian quarterly GDP data from the Australian Bureau of Statistics will be released at 0130 GMT.

----------------------MARKET SNAPSHOT @ 2300 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1924.24 -0.04% -0.730 USD/JPY 102.52 0.04% 0.040 10-YR US TSY YLD 2.5985 -- 0.000 SPOT GOLD 1244.71 0.04% 0.510 US CRUDE 102.9 0.23% 0.240 DOW JONES 16722.34 -0.13% -21.29 ASIA ADRS 145.97 0.10% 0.14 -------------------------------------------------------------

* Wall St ends a bit lower a day after Dow, S&P set records * Brent steady, U.S. crude rises as data offers support * Gold snaps five-day decline as stock markets turn weaker * Copper drops on expected Indonesian deal, Chinese port probe

For a digest of the day’s business stories in Australian newspapers, double click on

Reporting by Thuy Ong; Editing by Richard Pullin

Our Standards:The Thomson Reuters Trust Principles.
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