Reuters: Hot Stocks: Australia shares seen firmer in short session

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Australia shares seen firmer in short session Dec 23rd 2012, 21:55 Tweet Share this Email Print Sun Dec 23, 2012 4:55pm EST MELBOURNE, Dec 24 (Reuters) - Australian shares are expected to edge up on Monday, recovering from light losses late last week although worries about the apparent stalling of U.S. fiscal negotiations will likely cap gains. * Local share price index futures rose 25 points to 4,617.0, a 6.6 point discount to the underlying S&P/ASX 200 index. The benchmark slipped 10.5 points to 4,623.6 on Friday. * For the year, the market is on track for a gain of 14 percent, although the benchmark remains 30 percent below its all-time high. * Monday's session will be shortened ahead of the two-day Christmas holiday and volumes will be thin, with many players already out on vacation. * New Zealand's benchmark NZX 50 index fell 0.2 percent to 4,044.8 in early trade. * U.S. stocks finished lower on Friday after a Republican plan to avoid the "fiscal cliff" failed to gain sufficient support on Thursday night, draining hopes that a deal would be reached before 2013. Still, stocks managed to rebound from the day's lows. * Copper prices rose, recovering from steep falls in the previous session, although investors remained nervous that the United States would not be able to avert a fiscal crisis, which could push the world's largest economy into recession. * News Corp's online classifieds business REA Group will be in focus after posting double-digit growth in the first quarter, with earnings up 28 percent as revenues rose 17 percent. ----------------------MARKET SNAPSHOT @ 2138 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1430.15 -0.94% -13.540 USD/JPY 84.38 -0.13% -0.110 10-YR US TSY YLD 1.7702 -- 0.000 SPOT GOLD 1657.24 0.02% 0.300 US CRUDE 88.66 -1.63% -1.470 DOW JONES 13190.84 -0.91% -120.88 ASIA ADRS 130.47 -0.70% -0.92 ------------------------------------------------------------- * Wall St ends lower after fiscal cliff setback * Oil falls as US fiscal talks dissolve * Gold rebounds to end higher, US budget in focus * Copper rises after steep fall, US budget fears remain 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) (Reporting by Victoria Thieberger) Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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