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Australia shares seen falling on metals prices, Syria
August 29, 2013 / 10:58 PM / 4 years ago

Australia shares seen falling on metals prices, Syria

SYDNEY, Aug 30 (Reuters) - Australian shares are expected to fall in early trade on Friday as investors remain cautious over possible military action against Syria. While metal prices fell in Europe and the United States, a lift on Wall Street may buoy the market.

* Local share price index futures fell 0.2 percent, a 26.4-point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.1 percent on Thursday.

* New Zealand’s benchmark NZX 50 index rose 0.2 percent in early trade.

* U.S. stocks closed modestly higher on Thursday as the economy showed signs of improvement, but uncertainty over possible military action against Syria continued to pressure markets.

* Copper slid for a third day on Thursday, reaching its lowest price in almost three weeks, due to a stronger dollar, concerns about Syria and slightly higher inventories. Gold fell, snapping a five-day rally.

* Shanghai steel futures fell to three-week lows on Thursday, tracking weaknesses in other commodities.

* Australian airline Virgin Australia Holdings Ltd reported its revenue from ordinary activities was up 1.9 percent to $3.99 billion. However, the company said its full year net loss was $98.1 million versus a profit of $22.8 million a year ago.

* Australian private sector credit for July is due out later on Friday.

----------------------MARKET SNAPSHOT @ 2248 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1638.17 0.2% 3.210 USD/JPY 98.38 0.04% 0.040 10-YR US TSY YLD 2.7617 -- 0.000 SPOT GOLD 1404.44 -0.23% -3.200 US CRUDE 107.37 -1.31% -1.430 DOW JONES 14840.95 0.11% 16.44 ASIA ADRS 137.93 0.11% 0.15 -------------------------------------------------------------

* Wall St rises on economy, but Syria concerns limit gains * Oil slides as Syria action timeline pushed back * Gold falls after 5-day rise as Syria attack fears ease * Copper near 3-wk low on strong dollar, Syria concerns

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 Stacey Joyce

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