Reuters: Hot Stocks: Australia shares seen resuming ascent

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Australia shares seen resuming ascent Nov 28th 2012, 22:44 MELBOURNE | Wed Nov 28, 2012 5:44pm EST MELBOURNE Nov 29 (Reuters) - Australian shares are set to open higher on Thursday after a rebound on Wall Street on renewed hopes a compromise could be reached over the U.S. "fiscal cliff", though gold producers may come under pressure after a drop in the price of the precious metal. * Australia's stock index futures rose 0.4 percent to 4,469.0, an 21.7-point premium to the 4,447.3 close of the underlying S&P/ASX 200 index. The index slipped 0.2 percent on Wednesday, but is up 2.6 percent from a mid-November low of 4,334.3. * New Zealand's benchmark NZX 50 index rose 8 points to 4,019.8 in early trade. * U.S. stocks rose in volatile trade after comments from the top Republican in Congress on a possible compromise to avoid the "fiscal cliff" turned the market around. * Copper fell though on concerns about the details of Greece's new debt deal. Three-month copper on the London Metal Exchange was last bid down 0.53 percent at $7,765 per tonne. * Gold producers such as Newcrest Mining may come under pressure after bullion prices fell 1.5 percent, the biggest one-day drop in nearly a month, as deflation worries related to the U.S. fiscal crisis and debt-stricken Greece triggered a heavy bout of stop-loss orders from momentum-driven fund investors. * Global miner Rio Tinto said it is cautiously optimistic about a pick-up in growth in China, its biggest customer, and it is aiming to cut more than $5 billion of operating and support costs by the end of 2014. * BHP Billiton holds its annual shareholder meeting later on Thursday. ----------------------MARKET SNAPSHOT @ 2200 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1409.93 0.79% 10.990 USD/JPY 82.06 0.01% 0.010 10-YR US TSY YLD 1.6301 -- -0.008 SPOT GOLD 1718.99 -0.02% -0.320 US CRUDE 86.64 -0.62% -0.540 DOW JONES 12985.11 0.83% 106.98 ASIA ADRS 121.56 0.21% 0.25 ------------------------------------------------------------- * Wall St ends higher on 'fiscal cliff' hope * Oil falls as demand worries trump fiscal cliff hope * Gold drops 1.5 pct on deflation fears, fund sales * Copper dips on Greek uncertainty, U.S. budget talks 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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