Australia shares set for weak start on iron ore tumble, Greece

SYDNEY, July 8 (Reuters) - Australian shares look set to

pull back on Wednesday, likely pressured by resources firms

after metals prices plunged overnight and as investors remain

cautious over persistent uncertainty about Greece's strained

financial position.

Euro zone members have given Greece until the end of the

week to come up with a proposal for sweeping reforms in return

for loans that will keep the country from crashing out of

Europe's currency bloc and into economic ruin.

The local share price index futures fell 0.3

percent overnight, a 73.4-point discount to the underlying

S&P/ASX 200 index close. The benchmark jumped 1.9

percent on Tuesday - the biggest gain in nearly five months - to

5,581.42 points.

Resources shares such as BHP Billiton (NYSE: BBL - news) , Rio Tinto (LSE: RIO.L - news)

and Fortescue could face selling pressure

after iron ore plunged nearly 6 percent to a three-month low.

Webjet Ltd could also be in investors' sights after

it re-affirmed guidance for FY15.

Other stocks that may move around include Aurizon Holdings

, Transfield, Wesfarmers and

Automotive Group after Morningstar (NasdaqGS: MORN - news) downgraded their

stock ratings.

New Zealand's benchmark NZX 50 index fell 4.79

points or 0.08 percent to 5,798.38 points in early trade.

For a summary of overnight action across global markets,

double click on

For a digest of the day's business stories in Australian

newspapers, double click on

(Reporting by Swati Pandey; Editing by Shri Navaratnam)