SYDNEY, July 2 (Reuters) - Australian shares are likely to struggle on Wednesday as worries about high oil prices continue to dampen investor sentiment, though strong commodity prices may buoy the resource sector.
Pointing to a lacklustre start, Australia's September share price index (SPI) futures <YAPcm1> slipped 8 points to settle at 5,130.0, a 8.9-point discount on the underlying index.
On Tuesday, the benchmark S&P/ASX 200 index <.AXJO> fell 1.5 percent, or 76.4 points to 5,138.9, its lowest close since March 20 and taking total losses in the past three sessions to 3.2 percent.
The index is now just 1 percent above its 2008 closing low seen on March 18 and has fallen 18.9 percent since the start of the year after rising 11.8 percent in 2007.
New Zealand's benchmark NZX-50 index <.NZ50> edged up 0.1 percent, or 2.46 points, to 3,177.73 in early trade. The most heavily weighted stock, Telecom Corp of New Zealand <TEL.NZ>, was unchanged at NZ$3.45. ----------------------MARKET SNAPSHOT @ 2141 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 <.SPX> 1284.91 0.38% 4.910 USD/JPY <JPY=> 106.03 -0.06% -0.060
10-YR US TSY YLD <US10YT=RR> 4.0079 -
0.000 SPOT GOLD <XAU=> 938.85 1.60% 14.750 US CRUDE <CLc1> 141.45 1.04% 1.450 DOW JONES <.DJI> 11382.26 0.28% 32.25 ASIA ADRS <.BKAS> 148.51 -1.01% -1.52
> GM's sales surprise lifts Wall St, Starbucks up late [.N]
> Oil rises on supply worries, Iran tensions [O/R]
> Gold ends up on inflation fear, near 10-week high [GOL/]
> Peru supply fears boost copper, aluminium rises [MET/L]
STOCKS TO WATCH
-- Resource firms such as BHP Billiton Ltd <BHP.AX> and Woodside Petroleum Ltd <WPL.AX> may gain following gains in oil <CLc1>, gold <XAU=> and copper prices.
-- Macarthur Coal Ltd <MCC.AX> may rise after it confirmed that South Korea's POSCO <005490.KS> had bought a 10 percent stake in the company from founder Ken Talbot [ID:nSYD231517].
Shares in Macarthur, which were placed on a trading halt on Tuesday, ended Monday trade at A$16.87.
-- Retail trade and building approvals data for May will be released at 11:30 a.m. (0130 GMT). Skilled vacancy index data for June is due at 11:00 a.m (0100 GMT).
($1=A$1.05)
(Reporting by Geraldine Chua) . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Pointing to a lacklustre start, Australia's September share price index (SPI) futures <YAPcm1> slipped 8 points to settle at 5,130.0, a 8.9-point discount on the underlying index.
On Tuesday, the benchmark S&P/ASX 200 index <.AXJO> fell 1.5 percent, or 76.4 points to 5,138.9, its lowest close since March 20 and taking total losses in the past three sessions to 3.2 percent.
The index is now just 1 percent above its 2008 closing low seen on March 18 and has fallen 18.9 percent since the start of the year after rising 11.8 percent in 2007.
New Zealand's benchmark NZX-50 index <.NZ50> edged up 0.1 percent, or 2.46 points, to 3,177.73 in early trade. The most heavily weighted stock, Telecom Corp of New Zealand <TEL.NZ>, was unchanged at NZ$3.45. ----------------------MARKET SNAPSHOT @ 2141 GMT ------------
INSTRUMENT LAST PCT CHG NET CHG S&P 500 <.SPX> 1284.91 0.38% 4.910 USD/JPY <JPY=> 106.03 -0.06% -0.060
10-YR US TSY YLD <US10YT=RR> 4.0079 -
0.000 SPOT GOLD <XAU=> 938.85 1.60% 14.750 US CRUDE <CLc1> 141.45 1.04% 1.450 DOW JONES <.DJI> 11382.26 0.28% 32.25 ASIA ADRS <.BKAS> 148.51 -1.01% -1.52
> GM's sales surprise lifts Wall St, Starbucks up late [.N]
> Oil rises on supply worries, Iran tensions [O/R]
> Gold ends up on inflation fear, near 10-week high [GOL/]
> Peru supply fears boost copper, aluminium rises [MET/L]
STOCKS TO WATCH
-- Resource firms such as BHP Billiton Ltd <BHP.AX> and Woodside Petroleum Ltd <WPL.AX> may gain following gains in oil <CLc1>, gold <XAU=> and copper prices.
-- Macarthur Coal Ltd <MCC.AX> may rise after it confirmed that South Korea's POSCO <005490.KS> had bought a 10 percent stake in the company from founder Ken Talbot [ID:nSYD231517].
Shares in Macarthur, which were placed on a trading halt on Tuesday, ended Monday trade at A$16.87.
-- Retail trade and building approvals data for May will be released at 11:30 a.m. (0130 GMT). Skilled vacancy index data for June is due at 11:00 a.m (0100 GMT).
($1=A$1.05)
(Reporting by Geraldine Chua) . ng COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2008 AFX News
