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)
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