Reuters: Hot Stocks: Australia shares' momentum seen clipped by Bernanke

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Australia shares' momentum seen clipped by Bernanke Nov 20th 2012, 22:41 MELBOURNE | Tue Nov 20, 2012 5:41pm EST MELBOURNE Nov 21 (Reuters) - Australian shares may find it hard to extend a two-day rally into Wednesday as risk aversion rises after Federal Reserve Chairman Ben Bernanke repeated a warning that failure to resolve the U.S. budget impasse could lead to recession. * Stock index futures rose 2 points to 4,400, a 14.3-point premium to the underlying S&P/ASX 200 index, which rose 0.6 percent on both Tuesday and Monday. * New Zealand's benchmark NZX 50 index slipped 1.3 points to 3,971.7 in early trade. * Wall Street halted its two-day rally on Tuesday after Bernanke said the central bank lacked tools to cushion the U.S. economy from the impact of the "fiscal cliff." * Copper dipped on worries over demand prospects after a downgrade of France's credit rating reminded investors of the festering euro zone debt crisis and overshadowed optimism that euro zone ministers would release funds for Greece. * Department store David Jones Ltd is expected to post a rise 0.7 percent in same-store first quarter sales on Wednesday, according to a Reuters survey of six analysts. Forecasts ranged from flat to up 1.4 percent. ----------------------MARKET SNAPSHOT @ 2217 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1387.81 0.07% 0.920 USD/JPY 81.72 0.07% 0.060 10-YR US TSY YLD 1.6676 -- 0.054 SPOT GOLD 1727.29 -0.04% -0.750 US CRUDE 87.34 -2.17% -1.940 DOW JONES 12788.51 -0.06% -7.45 ASIA ADRS 119.76 -0.65% -0.78 ------------------------------------------------------------- * Bernanke's 'cliff' comments break two-day rally * Oil drops 2 pct after Hamas says Gaza truce agreed * Gold down on Gaza ceasefire hope, Bernanke comments * Copper slips as euro zone growth concerns resurface For a digest of the day's business stories in Australian newspapers, double click on (Reporting by Miranda Maxwell; Editing by John Mair) Link this Share this Digg this Email Reprints

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