Australia shares seen dipping on US debt, China demand concerns

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Australia shares seen dipping on US debt, China demand concerns. (Reuters) Australia shares seen dipping on US debt, China demand concerns. (Reuters)
SummaryAustralian shares are likely to open weaker on Wednesday, following a dip in iron ore prices.

Australian shares are likely to open weaker on Wednesday, following a dip in iron ore prices, with investors becoming concerned about demand from China and the debt ceiling issue in the United States.

* Australian share price index futures edged down 0.1 percent, a 30.6-point discount to the underlying S&P/ASX 200 index close. The benchmark ended 0.1 percent lower at 4,716.6 on Tuesday.

* New Zealand's benchmark NZX 50 index lost 1.1 points to 4,169.9 in early trade. * The Dow and S&P 500 edged higher on Tuesday after stronger-than-expected retail data, although tech heavyweight Apple dragged on the market for a third day.

* Copper prices hit two-week lows on Tuesday as investors grew concerned about the US debt ceiling and the cloudy outlook for demand from top consumer China.

* Rio Tinto aims to boost iron ore output by 15 percent this year after production in 2012 climbed to 253 million tonnes, beating its own guidance, as resurgent Chinese demand drives a price recovery.

* Leighton Holdings will be in the frame after media reported Hong Kong telecommunications company PCCW was looking to bid for its infrastructure assets, including NextGen Networks

* Dow, S&P 500 inch up with retailers but Apple drags again

* Oil slips as German data, US debt ceiling worries weigh

* Platinum at 3-month high on Amplats overhaul; gold firm

* Copper hits 2-week low amid US debt, China demand fears

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