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Australia shares seen falling on iron ore, offshore losses
May 20, 2014 / 11:23 PM / 4 years ago

Australia shares seen falling on iron ore, offshore losses

SYDNEY, May 21 (Reuters) - Australian shares are set to fall on Tuesday following offshore losses overnight and as iron ore prices slipped further, while investors will keep an eye on consumer sentiment data due out later after a tough federal budget.

* Local share price index futures slipped 0.4 percent, a 13.4 point discount to the underlying S&P/ASX 200 index close. The benchmark added 0.2 percent on Tuesday.

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

* U.S. stocks fell in a broad selloff on Tuesday, with major indexes hitting session lows in afternoon trading, led by losses in the retail sector after disappointing results from Staples and TJX Companies.

* Chinese iron ore futures fell for a third straight day to a fresh low and spot prices fell further below $100 a tonne on weak buying from steel mills in top consumer China.

* Nickel lurched 3 percent lower while copper dipped as persistent concerns about weak Chinese growth outweighed a tight physical market.

* Teekay Shipping took part in Australian government-sponsored mediation talks to avert industrial action by tugboat operators that could halt a quarter of global seaborne iron ore exports.

* A consumer sentiment survey from Westpac Bank and the Melbourne Institute, and quarterly wage inflation data from the Australian Bureau of Statistics are both due out later on Wednesday. ----------------------MARKET SNAPSHOT @ 2256 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 1872.83 -0.65% -12.250 USD/JPY 101.32 0.01% 0.010 10-YR US TSY YLD 2.5142 -- 0.000 SPOT GOLD 1294.3 0.04% 0.500 US CRUDE 102.9 0.56% 0.570 DOW JONES 16374.31 -0.83% -137.55 ASIA ADRS 141.71 -1.05% -1.50 -------------------------------------------------------------

* Retail stocks lead selloff on Wall St after earnings * Brent rises on Libya, pulls U.S. oil up despite stocks * Platinum firms on strike action, gold holds near $1,290/oz * Nickel slides more than 3 pct on speculators, copper dips

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

Reporting by Thuy Ong; Editing by Richard Pullin

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