Australia shares seen dipping after 10 days of gains

Jan 31 2013, 09:38 IST
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Australia shares seen dipping after 10 days of gains. (Reuters) Australia shares seen dipping after 10 days of gains. (Reuters)
SummaryAustralian shares are poised to open a touch lower on caution over stalled US growth.

Australian shares are poised to open a touch lower on caution over stalled US growth, with investors taking a breather following the local market's longest winning streak in more than nine years.

* Local share price index futures slipped 0.1 percent to 4,855.0, a 41.7 point discount to the underlying S&P/ASX 200 index close. The benchmark rose 0.2 percent on Wednesday to a 21-month closing high.

* New Zealand's benchmark NZX 50 index slipped 1.3 points to 4,246.3 in early trade.

* US stocks fell on Wednesday after the Federal Reserve said economic growth had stalled but indicated the pullback was likely temporary. Data showed US gross domestic product had unexpectedly contracted in the fourth quarter.

* Copper climbed to the highest in nearly a month on largely upbeat economic data, but the upside was capped by caution about weak underlying metals demand and the setback in US growth. Gold also rose.

* Top supermarkets chain Woolworths reports December quarter sales on Thursday. On Wednesday, arch rival Wesfarmers;WES.AX reported 3.9 percent quarterly sales growth at its Coles supermarkets, excluding new stores.

* Origin Energy is due to report quarterly production

* Wall St ends lower after Fed statement

* Oil up as economic optimism overshadows weak US data

* Gold rises on surprise drop in US growth, Fed

* Copper surges to near-month peak, capped by US data

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