Reuters: Hot Stocks: Australia shares to climb on China growth hopes

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Australia shares to climb on China growth hopes Dec 5th 2012, 22:34 Tweet Share this Email Print Wed Dec 5, 2012 5:34pm EST MELBOURNE, Dec 6 (Reuters) - Australian shares are poised to open a touch higher on Thursday, underpinned by mining stocks after Chinese Communist Party chief Xi Jinping said the country will craft economic policies next year to ensure stable economic growth. * Local share price index futures rose 0.1 percent to 4,531.0, a 10.6-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.4 percent on Wednesday. * New Zealand's benchmark NZX 50 index rose 0.3 percent to 4,019.0 in early trade after the country's central bank held its key rate at a record low for a 14th straight meeting on Thursday. * U.S. stocks ended a volatile trading session mostly higher on Wednesday, even as Apple, the most valuable U.S. company, suffered its worst day of losses in nearly four years. * London and Shanghai copper prices hit their highest in nearly seven weeks on Wednesday, cheered by news that China is seeking more effective policies to ensure stable economic growth. * Communist Party chief Xi Jinping said China aimed to stabilise exports, strengthen property controls and deepen economic reforms, including letting market forces play a bigger role in setting resources prices. * TV broadcaster Ten Network Holdings said it would raise about A$230 million through an entitlement offer at A$0.20 a share, a 38 percent discount to its last trade. It said it was looking to cut costs following a poor performance as it struggles in a weak advertising market. ----------------------MARKET SNAPSHOT @ 2152 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1409.28 0.16% 2.230 USD/JPY 82.45 0.68% 0.560 10-YR US TSY YLD 1.5909 -- -0.014 SPOT GOLD 1693.34 0.00% -0.070 US CRUDE 87.88 -0.70% -0.620 DOW JONES 13034.49 0.64% 82.71 ASIA ADRS 122.99 0.64% 0.78 ------------------------------------------------------------- * Dow, S&P end higher, but Apple sinks Nasdaq in wild day * Oil falls after US gasoline inventories leap higher * Gold falls to one-month low on fund sales, technicals * Copper notches fresh high on China hopes For a digest of the day's business stories in Australian newspapers, double click on (Australia/New Zealand bureaux; +61 2 9373 1800/+64 4 471 4234) (Editing by Richard Pullin) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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