Australia shares seen lower on U.S. mkts, metal prices

Tue Oct 23, 2012 11:57pm BST

WELLINGTON, Oct 24 - Australian shares are set to fall on
Wednesday after a slide in the U.S. market on the back of weak
corporate results, with mining stocks at risk following a slump
in metal prices. 
    * Local share price index futures fell 40.0 points
to 4,492, a 51.1-point discount to the underlying S&P/ASX 200
index. The benchmark nudged up 2.1 points, or 0.05
percent , to 4,543.1 on Tuesday.
    * New Zealand's benchmark NZX 50 index fell 0.5
percent to 3,983.77 in early trade, retreating from a 4 1/2-year
closing high of 4,004.26 hit on Tuesday, as consumer good
companies took a hit from increasing risk aversion.
    * Wall Street slid after results from DuPont and
United Technologies disappointed, driving investors into
Treasuries and the safe-haven U.S. dollar. 
    * The HSBC Flash China manufacturing PMI is due on
Wednesday, and signs of a further slowdown in the world's No. 2
economy could trigger more selling in mining shares if it raises
concerns about slowing demand for Australian resource exports.
    * Stock losses may be limited if domestic CPI data at 0030
GMT show benign inflation pressures, which would increase
expectations of an interest rate cut next month.
    * Commodity prices fall broadly on Tuesday, with three-month
copper hitting an intraday low of $7,807.75, its weakest
since early September, and most metals prices plumbed their
lowest in more than a month.
    * As a result, market participants expect mining shares to
take a hit when the market opens, with some expecting BHP
Billiton to fall as much as roughly 2 percent.
    * Fairfax Media shareholders are expected to
question the board over the company's market capitalisation
being less than net debt listed in its 2012 accounts.
    * Tatts Group also holds its annual general
meeting.
    * Shares gas distributor APA Group could rise after
it raises its earnings guidance on Wednesday. 

----------------------MARKET SNAPSHOT @ 2237 GMT ------------
                    INSTRUMENT   LAST       PCT CHG   NET CHG
S&P 500                   1413.11     -1.44%   -20.710
USD/JPY                   79.87        0.04%     0.030
10-YR US TSY YLD     1.7607          --     0.000
SPOT GOLD                 1708.59      0.03%     0.500
US CRUDE                  86.58       -0.10%    -0.090
DOW JONES                 13102.53    -1.82%   -243.36
ASIA ADRS                120.03      -1.82%     -2.22
-------------------------------------------------------------   
                                         
  * Weak outlooks doom Dow to worst day in 4 months         
  * Oil slumps on growth concerns, corporat forecast cuts  
  * Gold down 1 pct near $1,700/oz on economic fears      
  * Copper slides to 6-week low on Europe, China fears   
    
    For a digest of the day's business stories in Australian 
newspapers, double click on    

 (Reporting by Naomi Tajitsu; Editing by John Mair)