Reuters: Hot Stocks: Australia shares seen firmer after US rally; eyes on China PMI

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Australia shares seen firmer after US rally; eyes on China PMI Jan 23rd 2013, 22:05 Tweet Share this Email Print Wed Jan 23, 2013 5:05pm EST SYDNEY, Jan 24 (Reuters) - Australian shares are expected to edge higher on Thursday, tracking gains on Wall Street where the tech sector posted better-than-expected profits. Investors are likely to be cautious ahead of manufacturing data from major export market China and local releases, including a quarterly production report from Fortescue Metals Group Ltd. * Local share price index futures rose 0.2 percent to 4,762.0, but still at a 25.8-point discount to the underlying S&P/ASX 200 index. The benchmark index rose 0.2 percent higher to 4,787.8 on Wednesday, the highest close in almost 21 months. * New Zealand's benchmark NZX 50 index inched up 0.1 percent to 4,191.5 in early trade. * The S&P 500 extended its winning streak to six days on Wednesday after stronger-than-expected profits from IBM and Google alleviated investor concerns about the technology sector. * Copper fell on Wednesday, dragged lower by indications of a well-supplied market amid higher output from mining groups such as BHP Billiton and signs of subdued demand from top consumer China. * Spot iron ore prices were steady on Wednesday, with weak steel demand in top importer China curbing gains from port shutdowns in Australia. * Australia's Port Hedland, which handles about a fifth of the world's seaborne-traded iron ore, was due to reopen on Wednesday after being spared the brunt of a cyclone that has also shut other major ports in Western Australia. * Fortescue Metals Group Ltd, Australia's third biggest iron ore miner, will report its quarterly iron ore production. * The HSBC China PMI figure is due at 0145 GMT on Thursday, with the market expecting a stronger reading than December's 51.5. ----------------------MARKET SNAPSHOT @ 2144 GMT ------------ INSTRUMENT LAST PCT CHG NET CHG S&P 500 1494.81 0.15% 2.250 USD/JPY 88.6 -0.11% -0.100 10-YR US TSY YLD 1.8276 -- -0.016 SPOT GOLD 1685.66 -0.35% -5.940 US CRUDE 95.53 -1.19% -1.150 DOW JONES 13779.33 0.49% 67.12 ASIA ADRS 134.10 -0.21% -0.28 ------------------------------------------------------------- * S&P knocks on 1,500 barrier as tech earnings extend rally * US oil prices plunge after Seaway pipeline cuts rates * Gold down on EU data, better economic outlook * Copper slips on higher mine output, subdued China data 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 Maggie Lu Yueyang, editing by Jane Wardell) 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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