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Australia shares seen falling on Syria worries, weak metals prices
August 27, 2013 / 11:08 PM / 4 years ago

Australia shares seen falling on Syria worries, weak metals prices

SYDNEY, Aug 28 (Reuters) - Australian shares are expected to follow global equities lower on Wednesday as investors remain nervous over the possibility of a U.S.-led military strike against Syria, while a dip in metals prices may hit the miners.

* Local share price index futures fell 1.1 percent, a 73.2-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.1 percent on Tuesday.

* New Zealand’s benchmark NZX 50 index fell 0.3 percent in early trade.

* Wall Street stocks suffered their worst day since June on Tuesday, slumping in a broad decline as geopolitical uncertainty rose over a possible U.S.-led military strike by the West against Syrian President Bashar al-Assad’s forces for a suspected chemical weapons attack last week.

* Copper fell slightly on Tuesday as signals of stabilisation in top consumer China were offset by worries over the potential tapering of the U.S. stimulus program, while a potential Western strike on Syria made investor bets more cautions.

* Shanghai rebar steel futures dropped the most in nearly a month on Tuesday on concerns rising supply in China would limit the impact of any recovery in demand in the world’s top consumer of the alloy.

* Gold rose 1 percent to its highest price in more than three months on Tuesday, as investors sought safe havens.

* Woolworths Ltd is due to report its earnings later on Wednesday.

* AGL Energy Ltd reported its full year revenue up 30.3 percent to $9.72 billion.

----------------------MARKET SNAPSHOT @ 2249 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1630.48 -1.59% -26.300 USD/JPY 97.17 0.15% 0.150 10-YR US TSY YLD 2.7087 -- 0.000 SPOT GOLD 1416.97 0.07% 0.930 US CRUDE 109.76 0.69% 0.750 DOW JONES 14776.13 -1.14% -170.33 ASIA ADRS 137.46 -1.23% -1.72 -------------------------------------------------------------

* Wall St posts worst day since June on Syria concerns * Brent hits 6-month high as West weighs strike on Syria * Gold rises 1 pct on safe-haven bids, Syria fears * Copper down on Fed tapering worry, China strength helps

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 Thuy Ong; Editing by Shri Navaratnam

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