Australia shares seen dipping ahead of data; caution on election, Syria

Australia shares seen dipping ahead of data; caution on election, Syria
Business & Markets 2013
Written by Reuters
Monday, 02 September 2013 08:14

SYDNEY (Sept 2): Australian shares are set to open lower on Monday, as investors adopt a cautious approach as they await a slew of domestic data ahead of an election, while uncertainty over a delayed U.S.-led strike against Syria continues to act as a dampener.

* Local share price index futures fell 0.4 percent to 5,100.0, a 35.0-point discount to the underlying S&P/ASX 200 index .AXJO close. The benchmark rose 0.8 percent on Friday.

* New Zealand's benchmark NZX 50 index was flat at 4,541.4 in early trade.

* U.S. stocks fell in a thinly traded session on Friday as the S&P 500 index recorded its steepest decline since May 2012 and investors avoided making large bets before a long weekend with the situation about Syria still uncertain.

* Copper fell to a three-week low on Friday, pressured by a stronger dollar and expectations that U.S. stimulus would be withdrawn starting in September, which could hamper growth and crimp the flow of money invested in commodities.

* Australia's Prime Minister Kevin Rudd, struggling to avert a landslide election defeat in six days, pledged tax breaks and education programmes on Sunday to counter a slowing economy in a last-ditch plea to voters.

* Australia will release a slew of economic data on Monday, including building permits for July, business inventories and corporate profits for the second quarter.

* Discovery Metals Ltd is due to announce the outcome of its discussions with potential bidders.

* Wall St falls, ends worst month since May 2012 * Oil slides on U.S. response to Syria, but up for week * Gold drops below $1,400, set for second straight monthly gain * Copper falls on firm dollar, on Fed tapering concerns. - Reuters